Why Carvana Stock Soared Today
Shares of Carvana (NYSE: CVNA) jumped today, even though there was no news out on the online auto retailer. Instead, investors seemed to be reacting to the July Consumer Price Index (CPI) report, which showed the inflation gauge cooling to 8.5% year over year and flat over June, down from 9.1% in June, and better than expectations of 8.7%.
That helped assuage investor fears of a recession, and gave volatile tech stocks like Carvana a strong boost.
The e-commerce stock finished the day up 14.2%, while the Nasdaq jumped 2.9% and the S&P 500 gained 2.1%.
Source Fool.com
