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Why XP Stock Was Rocketing Higher on Wednesday

TheMotleyFool

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Why XP Stock Was Rocketing Higher on Wednesday: https://g.foolcdn.com/editorial/images/708619/a-business-person-looking-off-deep-in-thought.jpg

XP (NASDAQ: XP) saw its stock price increase significantly on Wednesday, surging as high as 15.3% shortly after the opening bell. By 12 p.m. ET, the financial stock was up about 9.5% to around $20.10 per share.

The move was in stark contrast to the major indexes as the Dow Jones Industrial Average, S&P 500, and Nasdaq were down -0.8%, -0.8%, and -1%, respectively, on Wednesday morning.

XP did not correlate to the down stock market for a few reasons. One, it is a Brazilian investment management company, so it did not feel the impact that its U.S.-based counterparts did from the uncertain and still up-in-the-air U.S. elections.

Source Fool.com

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