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Why Alcoa, United States Steel, and Freeport-McMoRan Stocks Surged Today

Why Alcoa, United States Steel, and Freeport-McMoRan Stocks Surged Today

On a down day for the S&P 500 as a whole, metal production stocks fared better than most Wednesday, with shares of Alcoa (NYSE: AA) closing 6.9% higher, U.S. Steel (NYSE: X) rising 7.3%, and Freeport-McMoRan (NYSE: FCX) gaining 8%. You can probably thank President Joe Biden for that. "Biden and the Senate have effectively cleared their plate for this single item from now until September, when the Senate, they hope, will try to pass it under the rules of a budget reconciliation process," the Globe reports.