Today’s chart is showing strength in the U.S. economy…
DailyWealth readers know we often use certain companies and sectors as real-world economic bellwethers. For example, industries like manufacturing, construction, and shipping can tell us if goods and services are in demand, infrastructure is being built, and overall… if money is moving freely. And today’s company is showing just that…
Steel Dynamics (STLD) is one of the largest steel producers in the U.S. It has roughly 13 million tons of steel shipping capability and produces everything from tracks for railroads to large beams for construction… So when business is booming for Steel Dynamics, it means folks are busy building. And that’s exactly what we’re seeing today… Its Steel Operations segment, which sells directly to the construction, automotive, manufacturing, and transportation markets, brought in total sales of roughly $3.4 billion in the most recent quarter – up 100% year over year.
As you can see, STLD shares have been in a strong uptrend over the past year. They are up more than 130% and recently hit a fresh all-time high. This industrial giant’s success is more proof the economy is humming along today…
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Source: Daily Wealth’s Market Notes