Why Upstart, SoFi, and Lemonade Stocks Rallied This Week
Last year, in the face of gale-force economic headwinds, the major market indexes -- on average -- delivered their worst performance in more than a decade. In 2023, however, it appears the clouds have lifted, and a new day has dawned for investors. Some of the most beaten-down companies of 2022 have become the breakout stocks of this year, driven higher by improving macroeconomic conditions and easing inflation.
Several financial technology (fintech) stocks that were punished last year got a boost this week from the improving conditions. Shares of Upstart Holdings (NASDAQ: UPST) surged 28.9%, SoFi Technologies (NASDAQ: SOFI) climbed 13.9%, and Lemonade (NYSE: LMND) stock rallied 13.7% this week, as of 12:55 p.m. ET Friday, according to data provided by S&P Global Market Intelligence. This far outpaced the 2.7% gain for the S&P 500.
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Source Fool.com
