SRAC - Soaring Space SPAC Coherent Buyout Send Nasdaq Higher
Investors are ready to turn a new page on the bull market, and they're counting on the Nasdaq Composite (NASDAQINDEX: ^IXIC) to keep leading the way higher. So far on Tuesday, the Nasdaq's doing a good job of exactly that, with the benchmark climbing almost 1.5% by 1 p.m. EST.
A couple of recent trends have helped the Nasdaq move higher lately. First, the rise of special purpose acquisition companies has captured the market's attention, and the Nasdaq-listed Stable Road Acquisition (NASDAQ: SRAC) SPAC is one of the big winners on the day. Meanwhile, old-style mergers and acquisitions are also getting a nod, with Coherent (NASDAQ: COHR) shareholders being the beneficiary of a nice move higher.
Shares of Stable Road Acquisition skyrocketed 22% higher on Tuesday. That brought the special purpose acquisition company's gains to about 60% in just the past week.
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Soaring Space SPAC, Coherent Buyout Send Nasdaq Higher