Why DocuSign Stock Popped 17% This Week
Shares of the digital document signing company DocuSign (NASDAQ: DOCU) were jumping this week on several bits of news. Some investors hoped that trouble in the banking industry would cause the Federal Reserve to slow its pace of interest rate hikes. Additionally, some positive comments about the stock from a wealth management firm may have given DocuSign's shares a boost.
The tech stock was up by 18.1% this week, according to data provided by S&P Global Market Intelligence.
Some technology stocks received a boost this week as investors quickly moved back into the sector following some turmoil in the banking industry. Over the past week the failure of Silicon Valley Bank, the closing of Signature Bank, and the recent $30 billion injection of deposits for First Republic Bank has led investors to hope that banking troubles will force the Federal Reserve to slow down its interest rate increases.
Source Fool.com
