Why Virgin Galactic Stock Popped Today
On Wednesday, Virgin Galactic (NYSE: SPCE) stock bounced back from Tuesday's sell-off. Because the share price really took off after 2 p.m. EDT, chances are that most of those gains (3.8% by the closing bell) came in response to news that the Federal Reserve plans to keep its benchmark fed funds interest rate near 0% through 2023 -- a policy that will limit the degree to which bonds will be competing with stocks for investors' attention. That announcement left investors generally ebullient about the stock market's prospects.
But there was also some company-specific good news for Virgin Galactic.
Image source: Virgin Galactic.
Source Fool.com