SIVB - Why SVB Financial Stock Was Up 9.2% on Tuesday
SVB Financial Group (NASDAQ: SIVB) saw its stock price finish the day up 9.2% on Tuesday, after jumping as high as 11.2% in early afternoon trading.
All three major indexes were up today, led by the Nasdaq Composite , which gained 1.5%.
There was a bit of volatility on the markets today, as a strong Producer Price Index (PPI) report for October spurred an early surge. The PPI was up 8% over the past 12 months, which was down from 8.5% in September. This beat economists' forecasts of an 8.3% gain in October. Also, the core PPI was at 6.7%, which was below the forecasted 7.2%.
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Why SVB Financial Stock Was Up 9.2% on Tuesday