Why Carvana Stock Is Surging Today
Shares of Carvana (NYSE: CVNA) were skyrocketing this morning as investors rekindled some of their optimism for stocks, in general, today. Comments made by a Federal Reserve official about potentially raising the federal funds rate too quickly to fight inflation may be the reason Carvana investors are pouring back into the stock. Carvana's share price was up by 5.7% as of 11:32 a.m. ET.
Yesterday, Carvana's stock plunged along with the broader market as investors continued to worry that aggressive rate hikes by the Federal Reserve could end up slowing the economy down too much and potentially pushing it toward a significant recession.
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Source Fool.com
