Why Carvana Stock Hit the Accelerator Today
Shares of the online car marketplace Carvana (NYSE: CVNA) spiked today on no company-specific news. Instead, investors were likely pushing the stock higher after the latest inflation data was better than expected.
Investors are likely hoping that with inflation somewhat cooling, the Federal Reserve may be more inclined to ease off of its aggressive interest rate hikes. Carvana's share price was up by 32.2% as of 2:19 p.m. ET.
The Consumer Price Index (CPI) increased 0.4% in October and 7.7% from a year ago. That was better than economists' estimate of an increase of 0.6% during the month and 7.9% for the year.
Source Fool.com
