Why TrueCar Stock Closed Lower Today
Shares of online car shopping service TrueCar (NASDAQ: TRUE) closed lower on Wednesday, amid a broad market decline on investor fears that a surge in coronavirus cases could lead to renewed shutdowns in parts of the United States.
TrueCar's shares ended the session at $2.68, down 7.9% from Tuesday's closing price.
Many stocks sold off on Wednesday amid reports that new COVID-19 cases are increasing quickly in states that had reopened their economies, including Texas, Arizona, and Florida. The broad concern is obvious: increasing cases could lead to renewed restrictions on businesses and individuals. That would be bearish for a long list of stocks, and the S&P 500 Index and NASDAQ Composite Index both closed down more than 2%.
Source Fool.com
