Coal stocks pop as Trump reportedly orders Perry to stop coal, nuclear power plant closures

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A tractor-trailer navigates mounds of coal after delivering a truckload of coal to Arch Coal Terminals in Catlettsburg, Kentucky.

Coal mining stocks jumped Friday on reports that President Donald Trump will use executive powers to prevent the closure of ailing coal and nuclear power plants.

Trump has ordered Energy Secretary Rick Perry to use emergency measures to keep the plants at risk of closing from shuttering, Reuters reported, citing the White House. On Thursday, the administration circulated a draft proposal to tap two rarely used powers to keep the plants online for national security reasons, Bloomberg News reported.

Shares of Peabody Energy were up $1.95, or 9 percent, at $45.22, extending gains from earlier in the session. Meanwhile Arch Coal's stock was up $1.84, or 2.2 percent, at $84 a share.

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