Stock Markets Fall; XPeng Drives Higher as Investors Pick Up Slack
Investors have largely shrugged off their concerns about the COVID-19 pandemic, instead trying to keep their eyes on the long-term prospects for growth across the U.S. and global economy. Moreover, with vaccines apparently on their way, many hope that they'll be able to wait out the pandemic. Yet California's decision to impose curfews for a month threw cold water on many of those hopes and sent many parts of the market lower. As of 11:30 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 122 points to 29,361, and the S&P 500 (SNPINDEX: ^GSPC) fell 7 points to 3,575. Once again, though, the Nasdaq Composite (NASDAQINDEX: ^IXIC) bucked the trend with a modest 21-point gain to 11,926.
Among individual stocks, there were plenty of winners. In the red-hot electric-vehicle market, XPeng (NYSE: XPEV) showed off its latest vehicle and features at a trade show in China. Meanwhile, Slack Technologies (NYSE: WORK) picked up steam as investors once again saw the potential value of collaboration software for help in managing remote workforces.
Shares of XPeng were up 10% on Friday morning. In addition to continued excitement over electric vehicle stocks generally, XPeng also got some attention after unveiling some interesting products and services in Guangzhou.
Source Fool.com
