Why Archer Aviation Stock Soared This Week
Archer Aviation (NYSE: ACHR) stock posted big gains over the last week of trading. The flying electric vehicle (EV) specialist's share price closed out the week's trading up 10%, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index ended the week down 2%, and the Nasdaq Composite index closed out the period down 2.3%.
Even though the broader market saw big sell-offs after the Federal Reserve gave a more hawkish forecast for interest rates in 2025, Archer Aviation managed to close out last week's trading up big. The flying electric vehicle (EV) specialist saw big gains thanks to an announcement about its manufacturing outlook.
Like most of the stock market, Archer Aviation stock saw big sell-offs in conjunction with the Fed's policy meeting on Wednesday. While the central banking authority announced the 25-basis-point rate cut that the market expected, Chair Jerome Powell issued new guidance for next year that roiled the market. Rather than reiterating its previous forecast for four cuts of 25 basis points next year, the Fed now expects that there will be only two cuts of that size. But Archer subsequently delivered some bullish news and was able to close out the week's trading up double digits.
Source Fool.com
