Why Moderna Stock Is Jumping Today
Shares of Moderna (NASDAQ: MRNA) were jumping 7.5% higher as of 11:30 a.m. ET on Friday. The vaccine maker didn't announce anything that would explain this gain. Instead, Moderna appears to be benefiting from the overall stock market bounce. All of the major market indexes were rising after a key economic metric hinted that inflation could be slowing.
The old adage that "a rising tide lifts all boats" is usually applicable with stocks. Good news for the overall stock market tends to be good news for Moderna.
There's no question that Moderna needed something positive to happen. The vaccine stock has plunged more than 40% so far this year. Moderna's shares have been weighed down by the overall market sell-off. However, the company has its own challenges, as well.
Source Fool.com
