The stock market seems to have hit a wall over the past month, with investors waiting to see more convincing signs of an economic rebound before they commit more money to stocks. In particular, many of the high-flying companies whose shares are listed on the Nasdaq have lost their former upward momentum and moved sharply lower since mid-February. Those declines may still have left longtime shareholders with sizable gains, but those who purchased their shares more recently may be wondering whether those companies' best times are already behind them. As of just before 2 p.m. EDT Friday, the tech-heavy Nasdaq Composite (NASDAQINDEX: ^IXIC) was very slightly lower, even as broader market indexes were largely posting gains.
Even so, a couple of Nasdaq stocks stood out as winners Friday. Root (NASDAQ: ROOT) benefited from favorable comments about its insurance business from an unlikely source, while investors in pre-production-stage mining company Piedmont Lithium (NASDAQ: PLL) got a boost as the business community looked favorably on the prospects for the electric vehicle industry.
Shares of Root were up by 9% Friday afternoon after having risen as much as 20% earlier in the day. The upward move followed comments from an investment company that's better known for panning overpriced stocks than for offering positive feedback.
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Forget the Nasdaq Slump -- These 2 Stocks Are Gaining Ground Friday