Why Redfin Stock Gained Today
Shares of Redfin (NASDAQ: RDFN) gained ground Tuesday as growth stocks largely continued to march higher. Ironically, the key news driving stocks up was that the Case-Shiller Index showed that home price growth decelerated in August faster than in any month since the index began tracking it.
While that might sound like bad news for an online real estate brokerage like Redfin, it actually seemed to encourage investors to bid up its shares, based on the premise that this news makes it more likely that mortgage rates will soon stop rising.
The stock closed the session up 6.6%.
Source Fool.com
