Why Alibaba Stock Is Rising Today
Shares of the China-based technology conglomerate Alibaba Group (NYSE: BABA) were gaining ground on Monday after the Chinese government said yesterday that it would implement a plan to boost consumer spending in the country.
A significant part of Alibaba's business is focused on e-commerce, so the Chinese government's move could help boost the company's growth. Investors were optimistic about the opportunity and pushed Alibaba's stock up 4.8% as of 11:56 a.m. ET today
China's government released its Special Action Plan to Boost Consumption on Sunday, highlighting a few areas that could help fuel economic growth. Specifically, the government wants to boost consumer spending, increase domestic demand, and even stabilize its stock market.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
The stock is one of the favorites of our community with 44 Buy predictions and 1 Sell predictions.
With a target price of 157 € there is a positive potential of 20.77% for Alibaba Group Holding Ltd ADR compared to the current price of 130.0 €.
