Here's Why MercadoLibre Stock Is Soaring Today
The stock market was having a strong session on Thursday, with all three major indexes well into positive territory. However, Latin America e-commerce and fintech specialist MercadoLibre (NASDAQ: MELI) was a particular standout. As of 1 p.m. EST, shares of the fast-growing company were higher by more than 9%.
There are two likely reasons for today's move. First, MercadoLibre has been hit hard in the recent tech sector slump, and most of those beaten-down stocks are rebounding sharply. In fact, the tech-heavy Nasdaq is by far the best-performing index of the day, up by nearly 3%.
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Source Fool.com
