Why Opendoor Technologies Skyrocketed 13.9% Today
Shares of Opendoor Technologies (NASDAQ: OPEN) jumped on Monday, finishing the day up 13.9%. The spike comes as the S 500 gained 1.5% and the Nasdaq Composite rose 2.6%.
On Friday, the President of the Federal Reserve Bank of New York, a key figure at the Fed, said that there would likely be "further adjustment in the near term." Investors took this to mean that another interest rate cut is likely in December.
The New York Fed Chief is a permanent voting member of the Federal Open Market Committee (FOMC), the body that decides whether the Federal Reserve adjust interest rates and by how much. Friday's comments have raised market hopes of an impending rate cut.
Source Fool.com
