CIIC - These 2 SPACs Are Crushing the Stock Market
The stock market has been setting records for some time now, and Friday morning, it looked like Wall Street would go into the weekend on a celebratory note. Even with surging COVID-19 case numbers, market participants will not be deterred from their optimism about the long-term potential of the U.S. economy to overcome the current challenges. Moreover, weak employment numbers from November spurred many to believe that the federal government would have to step in with further stimulus efforts to keep economic growth alive. As of 11:15 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) climbed 16 points to 30,131, which would be a record close if the Dow finishes there. The S&P 500 (SNPINDEX: ^GSPC) pushed further into record territory, rising 22 points to 3,689, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) added 45 points to 12,422.
As nice as the gains for the overall market are, they pale in comparison to the huge rises that special purpose acquisition companies (SPACs) have seen. In particular, Star Peak Energy Transition (NYSE: STPK) and CIIG Merger (NASDAQ: CIIC) were both up sharply on Friday morning, and investors have never been more excited about the prospects for shell companies finding strong privately held companies to target for acquisition.
Image source: Getty Images.
For further details see:
These 2 SPACs Are Crushing the Stock Market