Why Auto Stocks Surged This Week
There was no shortage of good news for the auto industry this week after the Federal Reserve cut short-term interest rates. The market overall moved higher late in the week, but auto stocks were a particularly big beneficiary.
According to data provided by S&P Global Market Intelligence, (NYSE: CVNA) surged as much as 21%, Mobileye (NASDAQ: MBLY) was up 26.4%, and Li Auto (NASDAQ: LI) was up 12.2%. The stocks are up 20.3%, 22.4%, and 11.2% respectively as of pre-market trading on Friday.
Image source: Getty Images.
Source Fool.com
Carvana Co. Stock
€53.29
-9.890%
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