Why Rocket Lab Stock Is Soaring Today
Rocket Lab (NASDAQ: RKLB) stock posted gains of as much as 12% in Friday's trading, and was still up by 10.4% as of 1:30 p.m. ET. At the same time, the S 500 index was up 1% and the Nasdaq Composite index was up 1.4%.
In addition to the bullish backdrop of the broader market, Rocket Lab stock was surging thanks to interest around SpaceX's upcoming rocket launch. SpaceX is scheduled to launch a Falcon 9 out of the Cape Canaveral Space Force Station at 8:27 p.m. ET, and that launch is powering gains for other companies with exposure to the space industry.
The Falcon 9 will launch a satellite that telecommunications and AI-focused space technology company Space42 will use to provide mobile communications services across Europe, Africa, and the Middle East. Space42 operates out of the United Arab Emirates. SpaceX, which was founded and is led by CEO Elon Musk, has emerged as a frontrunner when it comes to launching satellites and other technologies for commercial, defense, and exploration purposes.
Source Fool.com
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