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Why Nio Stock Is Up Today

TheMotleyFool

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Why Nio Stock Is Up TodayPhoto, wide shot, wide-angle lens, soft focus, Car manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-YEvJ4lsD0cnHYMSisqF0KmhC.png?st=2023-12-29T13%3A52%3A04Z&se=2023-12-29T15%3A52%3A04Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-12-29T03%3A19%3A21Z&ske=2023-12-30T03%3A19%3A21Z&sks=b&skv=2021-08-06&sig=cgEmp8qYLk6LiC9uwJEp9XOt32ky3AObpdzG41upqzc%3D

Shares of Chinese electric vehicle maker Nio (NYSE: NIO) were up Thursday though there was no company-specific news driving the move. Some investors may be pushing the electric vehicle (EV) company higher in response to news that the number of new daily COVID-19 cases in Shanghai is dropping.

The EV stock had been down by as much as 5% early in the session, but had rebounded by the afternoon and closed the day up by 1%.

So why was Nio's share price behaving so erratically? It could be that investors were trying to process the ever-changing news about coronavirus lockdowns in China.

Source Fool.com

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