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Why Alibaba Stock Gained 16% Last Month

TheMotleyFool

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Shares of Alibaba (NYSE: BABA) surged last month as the company rode a broader wave in Chinese stocks on signs that China's economy was recovering as the U.S. fell victim to a resurgence in coronavirus cases. A call from China's state-owned media also helped push Chinese stocks higher. According to data from S&P Global Market Intelligence, Alibaba, China's biggest e-commerce platform, finished July up 16%.

As the chart below shows, the gains came entirely at the beginning of the month.