Nike (NYSE: NKE) stock was gaining today, once again on signs that China is loosening its zero-COVID policy, setting up the sneaker giant for a comeback in a key market.

As of 12:44 p.m. ET, the stock was up 5.7% on the news.

After a week of rumors, Chinese officials finally made an announcement on COVID rules, shortening the mandatory quarantine period for inbound visitors and for close contacts, but it kept much of the zero-COVID restrictions. Officials said that the country must "firmly stick to the dynamic zero-Covid policy," according to The Wall Street Journal.

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Source Fool.com