Why Alibaba Shares Were Surging Today

Shares of Alibaba (NYSE: BABA) were rallying today on news of thawing tensions between the U.S. and China after President Joe Biden and Chinese President Xi Jinping agreed to hold a virtual summit. Additionally, Charlie Munger's Daily Journal (NASDAQ: DJCO) revealed in a filing earlier this week that it upped its stake in Alibaba by 83%.

As of 12:21 p.m. EDT, the Chinese tech stock was up 9.3%.

Image source: Alibaba.

Source Fool.com