Why Wingstop Stock Surged 9.1% Higher on Tuesday

Wingstop (NASDAQ: WING) had a good day on Tuesday as the company's stock price jumped significantly higher. It was up 10.6% at about 12:05 p.m. ET and finished the day not far off that high, up 9.1% at the closing bell to $132 per share.

The takeout restaurant, which specializes in chicken wings, was one of Tuesday's market leaders -- as all three major indexes were down with the Dow Jones 170 points lower, the Nasdaq falling 86 points, and the S&P 500 off 15 points. Wingstop stock is down about 23% year to date.

The market really liked Wingstop on Tuesday -- and there may have been a few reasons for that. One is some favorable economic news dropped Tuesday in the form of the Institute for Supply Management's (ISM) Services Index. The ISM Services Index is a key indicator for Wingstop, among others, as it measures overall economic activity in the services industry.

Source Fool.com