GOTU - Why Shares of TAL Education Group Dingdong and Gaotu Techedu Are Rising This Week
Chinese stocks have perked up this week, as the Chinese government has continued to promote economic growth and rumors swirl about more accommodating economic policies.
For the week, shares of the online tutoring company TAL Education Group (NYSE: TAL) traded 17% higher as of 2:01 p.m. ET Thursday. Meanwhile, shares of food delivery service Dingdong (NYSE: DDL) traded close to 15% higher, while shares of the online education company Gaotu Techedu (NYSE: GOTU) were up about 13%, according to S&P Global Market Intelligence .
After a tough year for the Chinese economy in 2022, largely due to sweeping COVID-19-related lockdowns that really hurt consumer spending, the Chinese government has taken steps to reopen the economy and try to boost economic growth. But so far, the results have been mediocre, with home sales still struggling in the country and the unemployment rate still high as well.
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Why Shares of TAL Education Group, Dingdong, and Gaotu Techedu Are Rising This Week