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Why Goodyear Tire, American Axle, and Tenneco Popped Over 14% on Tuesday

Daniel Miller, The Motley Fool
·2-min read
Why Goodyear Tire, American Axle, and Tenneco Popped Over 14% on Tuesday

Shares of Goodyear Tire & Rubber (NASDAQ: GT), American Axle & Manufacturing (NYSE: AXL), and Tenneco (NYSE: TEN), all automotive parts suppliers and manufacturers, each jumped over 14% at one point Tuesday, following positive economic data that's renewing optimism for a reopening economy. The idea of states reopening more of their economies is a huge positive for the broader automotive industry. There were more positive data points: New home sales unexpectedly increased in April, and consumer confidence moved higher after two months of sharp declines -- all great news for the broader automotive industry, which has been hit hard by COVID-19.

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