Thanks to some positive guidance and bullish analyst commentary, the Market Vectors Steel (ETF) (NYSE: SLX) climbed nearly 3 percent Wednesday, extending its year-to-date gain to 35.7 percent.
Steel On The Move
SLX, the lone exchange-traded fund dedicated to steel stocks, got a lift after Bank of America Merrill Lynch raised its rating on United States Steel Corporation (NYSE: X) to Neutral from Underperform. Bank of America also raised its price target on U.S. Steel to $18.
U.S. Steel rival AK Steel Holding Corporation (NYSE: AKS) also soared on an upgrade courtesy of Credit Suisse, which sent that stock higher by 7 percent.
What That Means For SLX
U.S. Steel and AK Steel combine for over 6 percent of SLX's weight. Rio Tinto plc (ADR) (NYSE: p>
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