Why Dada Nexus Stock Was Gaining Again Today
Roughly a week after the People's Bank of China announced a surprise 50-basis-point rate cut, the rally in beaten-down Chinese stock was continuing today.
Momentum from last week's gains, fear of missing out on the rebound, and a surge in Chinese indexes during China's trading session lifted Dada Nexus (NASDAQ: DADA), though an early morning pop faded over the course of the trading session.
As of 11:52 a.m. ET, Dada Nexus stock was up 5% on the news after gaining as much as 15.5% earlier in the session.
Source Fool.com
