Fed Rate Cut Hopes Boost Stocks, PennyMac Shares Surge

Stocks surged in afternoon trading following comments from New York Federal Reserve President John Williams, who hinted at a potential rate cut. This news significantly increased the likelihood of a rate cut in December, boosting investor confidence and leading to a market rally. PennyMac Financial Services and Franklin BSP Realty Trust saw notable gains, with PennyMacs shares climbing by 2.7%. Despite todays jump, PennyMacs shares have only moved more than 5% eight times in the past year, indicating that the market views this news as significant. PennyMac has seen a 26.6% increase since the start of the year, nearing its 52-week high, demonstrating the potential for substantial growth over time.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.