XPeng Leads China EV Stocks Higher; Snap Surges as Stock Markets Meander
The stock market had a strong performance on Monday, but it couldn't keep up the positive momentum into Tuesday morning. Even news that the House of Representatives had passed a bill to boost the size of anticipated coronavirus stimulus payments from $600 to $2,000 wasn't enough to give major market benchmarks another leg higher. As of 11:15 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 37 points to 30,367. The S&P 500 (SNPINDEX: ^GSPC) stayed flat at 3,735, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) had given up 30 points to 12,870.
The electric vehicle space remains one of the hottest areas of the stock market, and this morning, shares of XPeng (NYSE: XPEV) and other Chinese EV stocks were sharply higher. Meanwhile, in the U.S., social media company Snap (NYSE: SNAP) made a big push upward as well, continuing a strong year for the Snapchat parent.
Chinese EV stocks were broadly higher on Tuesday morning. XPeng picked up almost 8%, while Li Auto (NASDAQ: LI) was up 6%. Kandi Technologies (NASDAQ: KNDI) gained almost 5%, and NIO (NYSE: NIO) settled for a 3% rise.
Source Fool.com
