Reddit Rises 7% as Alphabet and Snap Rallies Lift Social-Media Stocks
$Reddit(RDDT.US$ rose some 7% Friday, continuing to bounce off of a recent post-IPO low as social-media stocks generally rallied.
RDDT gained 7.02% to close at $45.43 despite no news announcements from the company.
However, social-media stocks generally rose in the wake of a strong showing for Google and YouTube parent $Alphabet-A(GOOGL.US$, which soared 10.2% following well-received quarterly earnings and news of its first-ever dividend payout.
Fellow social-media firm $Snap Inc(SNAP.US$ also rallied 27.5% after releasing well-regarded quarterly results.
Reddit's Friday rally Friday reversed a recent slide that saw the stock fall 50.1% between a $74.90 post-IPO intraday high on March 26 and a $37.35 intraday low on April 18.
All in, RDDT ended the week 33.6% above the $34-a-share that its initial public offering priced at before the stock started trading on March 22.
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