Shares of Cleveland-Cliffs Inc. (CLF), an iron ore mining company, are climbing almost 9 percent or $1.40 in Wednesday's morning trade at $17.10, after touching a new 52-week high of $17.12 despite the absence of any company-specific news.
U.S. stocks are turning in a mixed performance on Wednesday as the results of the Georgia runoffs currently indicate Democrats taking over control of the U.S. Senate. However, the Dow Jones Industrial Average is rising more than 1 percent as Democratic control of the House, Senate and White House is seen as a positive for cyclical stocks due to the possibility of more fiscal stimulus.
Cleveland-Cliffs has traded in a range of $2.63 to $17.12 in the past 52 weeks.
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