10 Stocks Skyrocketing Today

8. Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs rallied by 8.54 percent on Wednesday to end at $9.79 apiece, in line with its counterparts, following President Donald Trump’s imposition of 25 percent tariffs on all steel and aluminum imports entering the US.

According to Trump, the imposition of new tariffs was aimed at correcting the perceived trade imbalance while supporting the domestic steel and aluminum industry.

The latest salvo spelled good news for CLF, an American steel manufacturer based in Ohio, as it could lead to lower competition for US steelmakers and cheaper prices offered to consumers.

Lourenco Goncalves, CLF’s chief executive officer, earlier expressed his support for the imposition of tariffs on imports, saying that they can make a “long-term positive impact” in making “America a manufacturing superpower once again.”