Why Shares of Lemonade Popped 5.5% Higher Today
Shares of insurance start-up Lemonade (NYSE: LMND) were up 5.5% today as of 1:35 p.m. ET. It's a small shred of reprieve after yet another brutal week. The stock briefly plumbed all-time lows the day after the U.S. Federal Reserve increased its short-term interest rate by 0.75%, the biggest one-time increase since the mid-1990s.
As a reminder, higher interest rates decrease the present value of risk assets like stocks.
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Source Fool.com