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Why Alibaba Shares Were Surging Today

·2 min read
Why Alibaba Shares Were Surging Today
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Shares of Alibaba (NYSE: BABA) were rallying today on news of thawing tensions between the U.S. and China after President Joe Biden and Chinese President Xi Jinping agreed to hold a virtual summit. Additionally, Charlie Munger's Daily Journal (NASDAQ: DJCO) revealed in a filing earlier this week that it upped its stake in Alibaba by 83%. Chinese stocks are often sensitive to geopolitical events, and news that Biden and Xi will meet later this year could signal a thaw in relations between China and the U.S. The Trump administration attempted to pressure China via a trade war, and Biden seems to want to unwind some of the tariffs imposed during the Trump years.