Why Palantir Stock Soared Today
Palanitr Technologies (NYSE: PLTR) stock made explosive gains in today's trading. The data analytics specialist's share price gained ground in conjunction with momentum for the broader market and closed out the daily session up roughly 9.3%. Meanwhile, the S&P 500 index, Nasdaq Composite, and Dow Jones Industrial Average ended the day's session up approximately 5.5%, 7.4%, and 3.7%, respectively.
The Labor Department released a new consumer price index (CPI) report Thursday that showed October inflation coming in below expectations. While economists had expected the CPI to increase 0.6% on a sequential basis and 7.9%, it actually increased 0.4% sequentially and 7.7% compared to October 2021, and the data prompted hopes that the Federal Reserve will now shift away from instituting more large interest rate hikes.
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Source Fool.com
