Why Chewy Stock Was Up 6% on Wednesday
Chewy (NYSE: CHWY) shareholders beat the market on Wednesday. The pet supply specialist's stock jumped 6% by 3 p.m. ET, compared to a 1.9% rise in the S&P 500. The boost only erased a small part of Chewy's recent losses, though, and the stock remains lower by almost 30% so far in 2022.
Wednesday's rally came as investors processed new comments from the Federal Reserve indicating a potential slowdown in the pace of interest rate increases.
Federal Reserve Chair Jerome Powell said in a speech on Wednesday that the Fed will likely raise rates at a slower rate in December than investors have seen in recent months. That suggestion was enough to spark a strong rally in the Nasdaq Index, which jumped about 3%.
Source Fool.com
