The S&P 500’s top gainers on October 11 were:
Nucor, which is the largest steel producer in the US, was the S&P 500’s top gainer on October 11, 2017. Reports about a potential deal between Commercial Metals Company (CMC) and Gerdau North America improved the sentiment in the steel industry.
The buying pressure in steel stocks rose on Wednesday. American Metal Market reported that Commercial Metals might buy Reber mills from Gerdau (GGB)—the largest long steel producer in the US. According to the report, Gerdau’s mills that are for sale include mills in Beaumont, Jacksonville, Knoxville, and Sayreville in New Jersey and the mill in Rancho Cucamonga, California. In the report, American Metal Market added that Commercial Metals might also make a deal with Gerdau to buy fabrication operations as well.
On October 11, Nucor rose 3.6% and closed the day at $57.34—the highest close in two months. Commercial Metals rose 6.9% and closed the day at the highest levels since July 25. On the other hand, Gerdau fell 1.7%.
In the next part of this series, we’ll discuss how PayPal performed on October 11, 2017.