Yesterday the market swung to the green, bringing much needed reprieve for a Wall Street that had seen six days of consecutive losses. Today though stocks have been quick to give back yesterday’s returns with the Dow down over -1% as of early this afternoon. Thankfully for some, one sector has stood against the grain of today’s bear market, that being steel, whose companies are listed as some of the S&Ps top gainers on the day.
The surge in steel stocks is thought to have been prompted by a bullish report from a Morgan Stanley (NYSE:MS) analyst, who commented, “We think [steel] market fundamentals will begin to turn up by the end of the summer, so any further weakness would be short-lived.” Leading the way for the steel sector today are AK Steel (NYSE:AKS), whose shares are up a whopping 3.00% at last check, and Nucor Corporation (NYSE:NUE), with shares up roughly 1.5%.
In a day when that has seen the market slip under 12,000 for this first time since March, the steel business has not been completely invulnerable, with the Steel Index (STEEL) down over 1.1%.