Why Nio Stock Raced Higher Today

From June 15 through Monday, shares of Nio (NYSE: NIO) ended each trading session lower than where they had finished the day before. On Tuesday, however, the China-based electric vehicle (EV) maker broke that streak. A top Chinese official provided an auspicious outlook on the nation's economy for the second quarter, and the market took note.

As of the market close, shares of Nio were up 11.1%.

Speaking at a meeting of the World Economic Forum on Tuesday, Premier Li Qiang projected that China's economy will grow at a faster clip in Q2 than the 4.5% rate at which it grew in Q1, and further asserted that it's on track to achieve annual growth of approximately 5%.

Source Fool.com