Why Electric-Vehicle Stocks Raced Higher on Wednesday
Easily bounding over any obstacle in their path on Hump Day, electric-vehicle (EV) stocks were big winners on the stock exchange during that trading session.
The surge was apparent in numerous segments of the EV market. Truck-maker Nikola (NASDAQ: NKLA) enjoyed a more than 11% surge, while pickup and SUV specialist Rivian (NASDAQ: RIVN) cruised to an 8% gain. Ultra-luxury manufacturer Lucid Group (NASDAQ: LCID) rose by 6% in price, and even its frequently struggling peer Fisker (NYSE: FSR) had a positive day, with a nearly 3% increase.
While there were, as usual, scattered developments of note with numerous EV companies, the real driver of the sector was external. These businesses were boosted by the Federal Reserve's Open Market Committee decision to keep the Fed's key interest rate steady for the third time in a row -- specifically within a range of 5.25% to 5.5%.
Source Fool.com
