SNAP - Why Snap Stock Soared Nearly 5% Higher on Wednesday
2024-04-18 02:50:51 ET
Perhaps stung by criticism that it has done little to no legislative work, the U.S. House of Representatives is currently laboring to transfer the ownership of -- or ban -- the hotly popular TikTok social media site in the United States.
Clearly encouraged by that effort, on Wednesday market players traded up the stock of its rival Snap (NYSE: SNAP) , owner and operator of Snapchat. Snap's shares closed the day 4.7% higher, marking quite a contrast from the 0.6% slump of the S&P 500 index.
House Speaker Mike Johnson signaled his intention to advance a measure for ByteDance, the China-based owner of TikTok, to sell TikTok to a third party. Should it fail to do so within one year, TikTok would be banned in the United States. The measure would be included in one or more foreign aid bills soon to be voted upon.
For further details see:
Why Snap Stock Soared Nearly 5% Higher on Wednesday