Why Cleveland-Cliffs Inc. (CLF) Soared on Monday

We recently compiled a list of the 10 Firms Begin Trading Week With Impressive Gains. In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against the other stocks.

The stock market kicked off the trading week on a positive note, with all major indices clocking in gains, as investors brushed off President Donald Trump’s latest imposition of hefty tariffs on steel and aluminum products from Canada and Mexico.

The Dow Jones rose 0.38 percent, the S&P 500 grew 0.67 percent, while the Nasdaq rallied 0.98 percent.

Ten companies mirrored a broader market optimism amid a series of positive catalysts sparking buying appetite.

In this article, we will take a look at which companies led the charge and explore the reasons behind their performance.

To come up with Monday’s best performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A welder in a hardhat soldering steel plates to a blueprint plan.

Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs Inc. surged by 17.99 percent on Monday to end at $11.84 apiece as investors cheered news of President Donald Trump’s imposition of a 25-percent tariff on steel and aluminum products.

According to analysts, funds flocked to US steel manufacturers such as CLF, which is expected to earn a boost from Trump’s protectionist stance on US firms through the imposition of hefty tariffs on steel and aluminum imports from Canada and Mexico that could lead to lower competition and higher prices for US firms.

Lourenco Goncalves, CLF CEO, 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.”

Overall CLF ranks 3rd on our list of Monday’s best performers. 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 timeframe. If you are looking for an AI stock that is as promising as CLF but that 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 Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.