What happened Social media and gig economy stocks rallied on Wednesday. By the close of trading, shares of Pinterest (NYSE: PINS), Upwork (NASDAQ: UPWK), and Fiverr International (NYSE: FVRR) were up 7%, 14.2%, and 17.7%, respectively. So what After Pfizer and BionTech reported exciting results from their phase 3 clinical trial for their coronavirus vaccine candidate on Monday, many investors sold stocks that performed well during the COVID-19 crisis and bought companies that could benefit from an economic recovery. Gig economy and social media platforms rebounded after declining earlier in the week. Image source: Getty Images. On Wednesday, investors apparently decided the sell-off was overdone -- and the resulting buying frenzy drove shares of Pinterest, Upwork, and Fiverr sharply higher. Now what It's true that the coronavirus pandemic is accelerating the trend toward freelancing, but the gig economy was growing rapidly even before COVID appeared. Platforms like Upwork and Fiverr that connect freelancers with businesses seeking their services are likely to see an influx of new users in the coming years, regardless of whether a coronavirus vaccine helps to end the health crisis sooner than expected. Moreover, while social media networks have experienced higher user engagement during the pandemic, a vaccine is unlikely to slow their long-term growth. In fact, Pinterest could see a rebound in advertising spending in areas such as travel and entertainment once the COVID-19 crisis subsides. 10 stocks we like better than UpworkWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Upwork wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Fiverr International and Pinterest. The Motley Fool recommends Upwork. The Motley Fool has a disclosure policy.Source