Why Opendoor Technologies Stock Soared 9.6% Today
Shares of Opendoor Technologies (NASDAQ: OPEN) spiked on Friday, finishing the day up 9.6%. The jump comes as the S 500 gained 0.9% and the Nasdaq Composite rose 0.8%.
The president of the Federal Reserve Bank of New York, John Williams, spoke on Friday, indicating the Fed may opt to cut rates further in its upcoming meeting.
As the head of the New York Fed, Williams is one of the more influential members of the Federal Open Market Committee (FOMC), the body responsible for setting interest rates. In a speech today, he indicated there would likely be "further adjustment in the near term," raising market hopes the FOMC will vote to cut rates once again in December.
Source Fool.com
