Why AGNC Investment Stock Was Volatile on Thursday
AGNC Investment (NASDAQ: AGNC) bounced around quite a bit on Thursday, surging early in the trading day, up as much as 5.6%, before falling later to end the day down 0.4%. AGNC is down 47% year to date (YTD) to $7.89 per share.
The major stock market indexes were mixed on Thursday as the Dow Jones Industrial Average was up 199 points (0.6%) while the S&P 500 was down 23 points (-0.6%) and the Nasdaq was off 178 points (-1.6%).
AGNC Investment surged early on some good macroeconomic news and industry news. The big news was that the economy grew 2.6% in the third quarter, as measured by gross domestic product (GDP), topping estimates of 2.3% growth. The market surged, as fears of a recession were quelled, following GDP declines in the first two quarters of 2022. The GDP grew on increased consumer spending, a narrowing trade deficit, and a rise in government spending.
Source Fool.com
