Why Momo Stock Was Rising Today
Shares of Momo (NASDAQ: MOMO), the Chinese online-dating service, were climbing today although there was no company-specific news. Instead, Momo seemed to be gaining on anticipation for the upcoming "phase one" trade deal between the U.S. and China, and as reports emerged today that the U.S. would remove China from its list of currency manipulators. The stock closed up 9.4% on the news.
Chinese stocks were up broadly today, as the MSCI China ETF gained 1.9% and the tech-heavy Shenzhen Composite gained 1.4% in China overnight.
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