Why JD.com Stock Was Climbing Today
Shares of JD.com (NASDAQ: JD) were moving higher today on a broad-market surge that seemed to favor both e-commerce stocks and Chinese companies. Though there was no specific news out on JD.com, a renewed bout of enthusiasm for e-commerce names and Chinese tech combined with growing confidence that Joe Biden would win the election to propel the stock higher.
As of 12:47 p.m. EDT, JD shares were up 5.9%, while the Nasdaq had gained 2.8% at the same time. Overnight, the Shanghai Composite, China's main benchmark index, gained 2.6% after China's central bank took steps to cool off a rally in the yuan, encouraging foreign money to come into China. Additionally, China's Golden Week holiday in the first week of October showed a surge in spending.
Image source: JD.com
Source Fool.com
