Shares of Redfin (NASDAQ: RDFN) were surging today in response to dovish remarks on interest rates from Federal Reserve Chairman Jerome Powell this morning at the annual Jackson Hole Economic Symposium.
Powell's comments typically make news, and the Fed chair said that the central bank was ready to lower interest rates, adding, "the time has come."
That's a bullish sign for Redfin and other real estate stocks as the housing market is highly sensitive to interest rates. As a result, Redfin stock was up 16.6% as of 10:36 a.m. ET.
Source Fool.com