Why Cleveland-Cliffs Inc. (CLF) Went Up On Wednesday?
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top performing stocks on Wednesday.
Wall Street's three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump's tariff rollout on imports.
The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent.
Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite.
In this article, we named Wednesday's top performers and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.
A quantum computer on a countertop in an engineering laboratory with a technician at work.
Cleveland-Cliffs snapped a three-day losing streak on Wednesday, jumping 7.78 percent to finish at $8.73 apiece as investors resorted to safe haven stocks amid the ongoing trade tensions globally.
As a stalwart import tariff supporter, CLF CEO Lourenco Goncalves earlier said that President Donald Trump's imposition of tariffs on imports can make a 'long-term positive impact' in making 'America a manufacturing superpower once again.'
His statement sparked hopes for CLF, a US-based steel company, as widening the import taxes to all countries could further lead to lower competition for US steelmakers, such as CLF, and make prices cheaper to consumers.
In a recent speech to CLF employees, Goncalves discussed the importance of domestic steel operations, underscoring how 120 vehicles, including those from General Motors and Toyota, use significant amounts of CLF steel.
'This idea that we can just ship our industrial base overseas, have China make our steel, have Japan make our cars, have Mexico make other products, and we're just going to be a consumer society. Does that make any sense to any of you?' Goncalves underscored.
Overall, CLF ranks 9th on our list of top performing stocks on Wednesday. While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as CLF but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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