Why Lockheed Martin, General Electric, and Qiwi Stocks Popped Today
At approximately 10 p.m. Eastern Wednesday night, Russian military forces launched an all-out assault on their neighbor Ukraine. Russia's move sparked a sell-off in Russian stocks yesterday -- but an equal and opposite surge in the stock prices of U.S. defense stocks.
Logical, right? But here's where the story gets strange. As of 3:15 p.m. ET Friday, as the war continues to wage across Ukraine, shares of U.S. defense stocks Lockheed Martin (NYSE: LMT) and General Electric (NYSE: GE) continue to move higher, up 3.5% and 3.9% respectively -- but Russian electronic payments company Qiwi (NASDAQ: QIWI) is up even more, rising 9.5%.
Does that make sense?
Source Fool.com
