U.S. Steel: Trump Giveth And Taketh Away

United States Steel Corporation X shares are trading lower by $4.00 at $36.59 in Thursday's session. The issue, which has been one of best-performing stocks since President Donald Trump was elected, has nearly doubled from its closing price on November 9 ($20.96), to its highest close for the rally on Tuesday at $41.57.

The rally was based on Trump initiating huge improvements in his proposed budget for 2017, which should be a big boon to the company.

Related Link: Expert Talks Business And Natural Resources In Morocco, Africa: 'Growth Is Still Ahead Of Us'

However, the reality of his plans coming to fruition was dealt a blow in today's session. The culprit being an Axios report that the Trump administration could push off his infrastructure spending plan until 2018.

The issue was hovering in the $40.00 handle when the story the hit tape around 10:00 a.m. Immediately, the issue went into a nosedive and is continuing at this very moment. So far, the ensuing decline has taken the issue to $36.66 and is not far off that level.

The decline erasing all of its gains accrued in it's last nine trading sessions as it climbed from it Feb. 9 close ($37.60), to north of $40.00. Now that he issue has surpassed its Feb. 10 low ($36.84), the issue has limited daily support levels until its Feb. 9 low of $34.55.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTechnicalsCommoditiesPoliticsIntraday UpdateMarketsMoversTrading IdeasGeneralDonald TrumpSteel
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!