Why Shares of Nu Holdings, SoFi, and LendingClub Rose Today
Shares of several fintech and digital banking stocks got relief today, as tech stocks rallied after what has been an extremely difficult month of trading. The Nasdaq Composite index closed the final day of trading this month 3.4% higher, but still finished the month of January about 10% down.
Shares of the Brazilian fintech Nu Holdings (NYSE: NU) rose nearly 10% today, while shares of the fintech banks SoFi (NASDAQ: SOFI) and LendingClub (NYSE: LC) rose more than 12% and 11%, respectively. Nothing specific seemed to be driving the move other than the broader market rally.
Tech and fintech stocks have been taking a beating since November when the Federal Reserve significantly changed its outlook on how it viewed inflation and the economy.
Source Fool.com
