Why Taiwan Semiconductor, Roku, and Shopify Stocks All Rallied on Wednesday
The overall economy and prospects for a recovery have been the among the primary market drivers in 2022. While the data has checked many of the boxes that suggest the U.S. is in the midst of a recession, other metrics contradict that conclusion, leaving investors uncertain about where we stand. A key economic indicator released on Wednesday provided a bit of clarity, suggesting things are actually better than some had feared.
With that as a backdrop, semiconductor specialist Taiwan Semiconductor Manufacturing (NYSE: TSM) climbed 1.8%, streaming video pioneer Roku (NASDAQ: ROKU) jumped 2.7%, and e-commerce platform Shopify (NYSE: SHOP) rallied 3.3% as of 1:11 p.m. ET on Wednesday.
To be clear, there was nothing in the way of company-specific news driving Taiwan Semiconductor, Roku, and Shopify stocks higher today. This suggests that investors are reacting to a better-than-expected economic report, which suggests things are improving and that the worst of the bear market could be behind us.
Source Fool.com
