Why Snap Stock Soared Nearly 5% Higher on Wednesday

Bad news for a rival is being taken as a positive by the U.S. social media company's investors.Perhaps stung by criticism that it has done little to no legislative work, the U.S. House of Representatives is currently laboring to transfer the ownership of -- or ban -- the hotly popular TikTok social media site in the United States.Clearly encouraged by that effort, on Wednesday market players traded up the stock of its rival Snap (SNAP 4.71%), owner and operator of Snapchat. Snap's shares closed the day 4.7% ...