Why MercadoLibre Stock Rallied on Monday, Even as the Broader Market Slumped
Even as the market turned sharply lower on Monday, shares of MercadoLibre (NASDAQ: MELI) charged higher, gaining as much as 6.1%. When the market closed, the stock was still up 4.8%. This came even as the S&P 500 fell 0.9% and the Nasdaq Composite slumped 1.5%.
There were a couple of catalysts that helped fuel the e-commerce and fintech specialist's rise, including Argentina's soccer World Cup win and a decision by Brazil's Supreme Court that will benefit the country's poor.
Brazil's Supreme Court granted a temporary injunction that allowed President-Elect Luiz Inacio Lula da Silva to continue welfare payments to low-income Brazilians. This was a victory for the incoming president, allowing him to deliver on a key campaign promise.
Source Fool.com
