Shares of C3.ai (NYSE: AI) were moving higher Thursday in line with a broader upswing among tech stocks after the Federal Reserve indicated that it was almost done raising interest rates in its rate announcement Wednesday.
While there was no company-specific news about C3.ai Thursday, the Fed's commentary and some other macro-level news were enough to send its stock soaring. As of 12:41 p.m. ET, the stock was up 12.3%, while the Nasdaq had gained 1.9%.
The stock market actually fell sharply at the end of Wednesday's trading session as comments from Treasury Secretary Janet Yellen about not issuing blanket insurance for bank depositors overshadowed the Fed's rate hike announcement.
Source Fool.com