The Nasdaq Composite (NASDAQINDEX: ^IXIC) climbed back above the 14,000 level early Thursday afternoon, rising nearly half a percent on the day as of 1 p.m. EDT. Investors were more excited about the Nasdaq's prospects than the rest of the stock market, as most other large-cap major market benchmarks were flat to lower on the day.
Lately, the biotech and electric vehicle industries have been important drivers of growth for the stock market generally and the Nasdaq in particular. Thursday's sizable gains from Ocugen (NASDAQ: OCGN) and Nikola (NASDAQ: NKLA) showed that those two powerful trends can still pack a punch when it comes to lifting the overall market. Below, we'll discuss why these two stocks were doing so well today.
Shares of Ocugen jumped 17% early Thursday afternoon. The biotech company has been working closely with a developer of a coronavirus vaccine candidate in India, and the latest news from its clinical trials has made investors more upbeat about the immediate prospects for the vaccine.
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Why Ocugen and Nikola Are Powering the Nasdaq Higher