Why QuantumScape Stock Rose This Week
Electric vehicle (EV) battery company QuantumScape (NYSE: QS) got a boost this week thanks to the Federal Reserve.
On Wednesday the Fed increased interest rates by just 25 basis points in response to elevated, but slowing, inflation. That sent many stocks rising and pushed QuantumScape up 11.3% this week, according to data from S&P Global Market Intelligence.
Electric vehicle stocks have been plummeting over the past year as investors have become worried about a potential recession. And rising interest rates have put pressure on the EV market, raising the cost of buying a new vehicles at a time when inflation is already high.
Source Fool.com
