Why SoFi Stock Is Soaring This Week
SoFi Technologies (NASDAQ: SOFI) stock is posting huge gains this week. As of 2 p.m. ET Thursday, the fintech-services company's share price had risen roughly 30% from the previous week's market close, according to data from S&P Global Market Intelligence.
SoFi's valuation is getting a substantial boost as a bill to raise the debt ceiling moves through Congress. Following negotiations, a provision to end the temporary moratorium on federal student loan payments and interest accrual has been included in the bill. The development could kick-start SoFi's performance later this year, and investors have responded by bidding up the stock.
The debt ceiling bill deal has been passed in the Republican-controlled House of Representatives, and it will very likely now pass in the Democrat-controlled Senate before being signed by President Biden. With the included provisions, it looks like the moratorium on federal student loan payments and interest accrual will end after Aug. 31.
Source Fool.com
