Stock Market Wrap-Up: Why Marijuana Stocks Soared but Beyond Meat Fell

The stock market kept up its winning streak on Thursday, with the Dow Jones Industrial Average (DJINDICES:^DJI) and the S&P 500 (SNPINDEX:^GSPC) extending their winning streaks to three straight days. Investors were pleased with the Senate passage of the coronavirus stimulus bill, seeing it as a potential solution to the financial problems that the pandemic has caused. The Nasdaq Composite (NASDAQINDEX:^IXIC) also rose on the day, with all three indexes seeing gains of around 5% to 6%.

Today’s stock market


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Data source: Yahoo! Finance.

Some sectors saw even larger gains than the overall market. Marijuana stocks were particularly strong performers, as some believe that a major market could open up in the near future. Meanwhile, Beyond Meat (NASDAQ:BYND) wasn’t able to join the rally, losing ground as investors try to decide what the long-term future for the plant-based meat substitute producer looks like.

Cannabis climbing

Major marijuana stocks were considerably higher on Thursday, led by Tilray (NASDAQ:TLRY) and its 57% rise. Aurora Cannabis (NYSE:ACB) posted a 21% increase in its share price, while Cronos Group (NASDAQ:CRON) and Canopy Growth (NYSE:CGC) enjoyed smaller but still significant gains.

The gains came amid speculation that the U.S. might choose to open up its markets for cannabis products more quickly in the aftermath of the coronavirus pandemic. In particular, most state and local governments expect to see significant budget shortfalls, given the loss of tax revenue stemming from measures to curb the spread of the COVID-19 disease. Marijuana-related taxes have been a good source of funding for those states that have legalized it,

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