Why Upstart Rocketed 12% Higher Today
Shares of fintech Upstart (NASDAQ: UPST) rocketed 12% higher during Friday's trading session. There was no company-specific news powering that move, but the stock benefited from a positive report on U.S. inflation.
Inflation has a magnified effect on Upstart due to its unique business model. And given that the stock has been thoroughly beaten down over the past 18 months -- losing more than 90% of its value -- it's not surprising that indications of relief on the inflation front led to a sharp move higher.
On Friday, the Commerce Department's Bureau of Economic Analysis released February's personal consumption expenditures price index (PCE) report, which showed a welcome deceleration from January and came in lower than analysts' consensus forecast.
Source Fool.com
