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PITTSBURGH - Shares of steel makers rose Wednesday after government data showed stronger-than-expected orders for big-ticket manufactured goods in July.
Earlier Wednesday, the Commerce Department said orders for durable goods rose 1.3 percent last month, well above the 0.1 percent increase economists expected.
Overall, orders for transportation equipment partly made from steel, such as tractors and earth-moving equipment, grew 3.1 percent last month after a 1.9 percent drop in June.
In afternoon trading, shares of ArcelorMittal--the world's largest steel producer--climbed $2.44, or 3.3 percent, to $77.34. Steel Dynamics Inc.'s stock grew 86 cents, or 3.6 percent, to $24.70.
United States Steel Corp. shares rose $2.61, or 2 percent, to $132.46, and Nucor Corp. shares increased $1.35, or 2.7 percent, to $52.14.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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