Why Upstart Rallied Today
Shares of fintech lender Upstart (NASDAQ: UPST) rallied more than 8% to close the day on Friday.
Upstart is a tech-forward originator of personal loans and, to a lesser extent, auto and home loans. While Upstart doesn't hold loans on its balance sheet but rather sells them to third parties, the level of short-term interest rates can affect the buying appetite of those third parties.
Thus, when Federal Reserve Chair Jay Powell suggested that the Fed may cut interest rates soon, Upstart jumped on the news.
Source Fool.com
