Steel Names Diverge, Finish on Highs (X, AKS)

Despite an extremely weak overall market, two steel names, United States Steel X and AK Steel AKS, bucked the trend and managed to end the session near their intraday highs. Shares of both companies have lost nearly ten percent in recent trading action. Today's resilience, however, bodes well for the next few sessions, as bears could not pull these stocks down further. United States Steel: Within the first ten minutes of trading, shares were down 2.4% from Friday's close to an intraday low of $49.28. The low was tested multiple times in the early going, but managed to hold its ground. That strong support served as a launching pad for a move higher in the afternoon hours. The stock steadily gained ground from 11am EST. on, and surged in the last hour of the session to close three cents off of its intraday high at $50.49; marginally down on the day. AK Steel: The stock started the session down nearly two percent from Friday's close at $15.09, but just like its counterpart, held the intraday low and ascended into the close. Shares actually managed to close 0.25% in positive territory at $15.39.