Why Cameco Stock Rocketed Nearly 11% Higher Today

Buffeted by a pair of tailwinds, Cameco (NYSE: CCJ) stock surged in trading on Monday. Shares of the uranium supplier rose by nearly 11% in value, largely on news that the U.S. aims to increase the national strategic stockpile of the element used as fuel for nuclear power plants. A separate news item about a deal the company inked with a European peer also added to the bullishness. The stock's rise was far steeper than the 0.5% increase of the S&P 500 index.At the annual conference of the International Atomic Energy Agency (IAEA) in Vienna, Austria, U.S. Energy Secretary Chris Wright made those remarks about the uranium stockpile. He indicated two key goals in this regard -- to boost confidence in the nuclear industry, which is a cornerstone of the administration's energy policy, and to reduce dependence on supplies from Russia (that country supplies roughly 25% of the enriched uranium needed in the U.S.). Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool