Metal and mining stocks rose on Wednesday as investors grapple with the implications of a Donald Trump victory in the U.S. presidential election.
Shares of United States Steel gained 17 percent on Wednesday. The steelmaker's stock was upgraded to "buy" from "hold" at Jefferies. The firm said the industry may benefit from heightened protectionism and increased infrastructure spending in a Trump presidency. Trump had mentioned rebuilding highways, bridges and other U.S. infrastructures during his election win speech. Nucor and AK Steel Holding shares also gained 12 percent and 13 percent, respectively.
Copper prices surged more than 3 percent Wednesday, its highest level since September 2015 when the metal traded as high as $2.47 per pound. Wednesday's high was $2.47 per pound, as of 10:42 a.m. ET. Shares of Freeport-McMoRan, the world's largest copper producer, and Newmont Mining rose more than 8 percent and more than 2 percent, respectively.
Trump's victory over competitor Hillary Clinton stunned Wall Street elite on Tuesday, as many expected the Democratic nominee would win. Stocks plummeted as investors fled risky assets.
— Peter Schacknow and Reuters contributed to this report.