NEW YORK ( TheStreet) -- Shares of U.S. tire manufacturers moved sharply higher Monday after the Obama administration said it would impose tariffs of as much as 35% on tires imported from China, the first salvo in what many fear could develop into a full-blown trade war.Even while the broader equities markets fell on those worries, Goodyear Tire (GT - Get Report) shot higher by 93 cents, or 5.4%, to $17.99 in morning trading, while Cooper Tire & Rubber (symbol) (CTB) advanced $1.47, or more than 10%, to $16.04. Trading was heavy in both names.
Tire Tariff Boosts Goodyear, Cooper Shares
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.