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Why Toyota Stock Was Moving Higher Today

TheMotleyFool

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Why Toyota Stock Was Moving Higher TodayPhoto, wide shot, wide-angle lens, soft focus, Car manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-YEvJ4lsD0cnHYMSisqF0KmhC.png?st=2023-12-29T13%3A52%3A04Z&se=2023-12-29T15%3A52%3A04Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-12-29T03%3A19%3A21Z&ske=2023-12-30T03%3A19%3A21Z&sks=b&skv=2021-08-06&sig=cgEmp8qYLk6LiC9uwJEp9XOt32ky3AObpdzG41upqzc%3D

Shares of Toyota Motor (NYSE: TM) were gaining today as investors continued to bet that the Japanese auto manufacturer would benefit from the ongoing strike by the United Auto Workers (UAW).

Though there was no company-specific news about Toyota, that was enough to boost the stock today, sending it up 3% as of 11:32 a.m. ET on Tuesday.

Toyota shares are continuing a recent rally as manufacturers that don't depend on union workers, like Toyota, are expected to benefit from the UAW strike against Ford, General Motors, and Stellantis, the owner of Chrysler.

Source Fool.com