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Why Redfin Stock Rallied 21% Today

TheMotleyFool

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Shares of technology-enhanced real estate broker Redfin (NASDAQ: RDFN) were up 21% today as of market close. It's more of a consolation prize for those shareholders (myself included) holding the bag on Redfin. The stock has collapsed over 70% so far in 2022 even after today's jump.

Image source: Getty Images.

In the week since the company reported first-quarter 2022 earnings, Redfin itself hasn't issued any specific financial news. Rather, the stock is at the whim of the stock market overall, which is currently hyperfocused on the Federal Reserve's interest rate hikes and monetary tightening policy. The Fed hopes these adjustments will cool off the job market and in turn help lower the inflation rate.

Source Fool.com

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