Why Auto Stocks Surged This Week
CVNACarvana (CVNA) The Motley Fool·2024-09-20 20:25

The Fed's rate cut has given hope to auto stocks.There was no shortage of good news for the auto industry this week after the Federal Reserve cut short-term interest rates. The market overall moved higher late in the week, but auto stocks were a particularly big beneficiary.According to data provided by S&P Global Market Intelligence, Carvana (CVNA 5.64%) surged as much as 21%, Mobileye (MBLY 14.99%) was up 26.4%, and Li Auto (LI 2.46%) was up 12.2%. The stocks are up 20.3%, 22.4%, and 11.2% respectively as ...