"Cleveland-Cliffs helped lead the way with a jump of 24% after the steel company's CEO, Lourenco Goncalves, said it would provide details soon about a potential deal with a major global steel producer that could mean bigger profits. He also said Cleveland-Cliffs has potentially found rare earths at sites in Michigan and Minnesota."
"Such materials have thrust into the global spotlight after China put curbs on the export of its own rare earths, a move that President Donald Trump earlier this month characterized as hostile. Trump's ensuing threat of higher tariffs on China triggered big swings for Wall Street, but the concerns eased a bit after Trump said such high tax rates are unsustainable."
"Stocks of smaller and midsized banks climbed Monday, recovering some of their losses after a couple raised alarm bells last week by warning about potentially bad loans they've made. The disclosures had raised questions about whether the growing list of problems is just a collection of one-offs or a signal of something larger threatening the entire industry."
U.S. stock indexes climbed Monday, with the S&P 500 up 1% and within 0.4% of its all-time high. The Dow rose 358 points (0.8%) and the Nasdaq gained 1.4%. Cleveland-Cliffs jumped 24% after its CEO said details would be provided soon about a potential deal with a major global steel producer and noted potential rare earths discoveries in Michigan and Minnesota. Chinese curbs on rare earth exports and President Trump's tariff threats had roiled markets but concerns eased after Trump called such high tariffs unsustainable. Smaller and midsized bank stocks recovered after recent loan-related warnings; Zions Bancorp. rose 2.5%. Corporate earnings this week include Coca-Cola, Tesla and Procter &
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