Why Snap Stock Soared Today
Shares of Snap (NYSE: SNAP) were rallying for the second day in a row as hopes for a "Fed pivot" swept the market and as investors seemed to view the social media stock as oversold after it plunged last week on a disappointing earnings report.
Though there was no company-specific news out on the Snapchat parent today, those items were enough to drive the stock up 15.4% at the market close.
The latest data point to show the economy slowing came from the Case-Shiller National Home Price Index, which reported that home price growth decelerated by the fastest pace in the index's history in August. Year over year, prices rose by 13% in August, compared to a 15.6% increase in July. The index also showed that national prices are now declining after peaking in June.
Source Fool.com
