Why Franklin Resources Stock Was Soaring on Thursday
Shares of the investment management company Franklin Resources (NYSE: BEN) were riding high on Thursday, surging 12.1% in the morning, and they were still up about 10.2% as of 1 p.m. EDT today. But the stock remains down 25% year to date.
The company rode a market surge that saw the Nasdaq jump around 6%, the Dow Jones industrial Average climb some 2.6%, and the S&P 500 move up about 4.2% as of 1 p.m. EDT.
The primary catalyst for Thursdayʻs gains was the news that lifted all boats higher: The October Consumer Price Index (CPI) report finally showed that inflation was ticking down, even though it was still up 7.7% from a year ago. That is lower than the 8.2% year-over-year increase in September and better than what was expected in October by analysts.
Source Fool.com
