Why Nucor Corp. (NUE) Skyrocketed On Monday

We recently published a list of These 10 Stocks Blew Past Expectations. In this article, we are going to take a look at where Nucor Corp. (NYSE:NUE) stands against other top-performing stocks on Monday.

Nucor Corp. rallied by 10.10 percent on Monday to close at $120.40 apiece as investors snapped up shares following President Donald Trump’s slapping of a 50-percent tariff on all steel and aluminum imports.

On Friday, Trump said the new levies will take effect tomorrow, June 4, hours after accusing China of violating an agreement with the US to mutually reduce levies and trade restrictions for critical minerals.

The US Midwest duty-paid aluminum premium AUPc1 surged by 54 percent or $0.58 per lb to $1,279 per metric ton on Monday, while US hot rolled coil steel increased by 7.4 percent.

Following the news, BMO Capital Markets raised its price target for Nucor Corp. (NYSE:NUE) to $145 from $140 previously and assigned the company an “outperform” rating, an upgrade from the “market perform” prior.

Nucor Corp. (NYSE:NUE) is one of the largest steel companies in the US, and currently the 16th largest producer in the world.

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