Some of the weakest companies on the market had some of the biggest share price moves on Thursday . Their business fundamentals didn't change, but the stock market now thinks they're worth much more than it did just a day ago.
The three stocks that caught my eye were Carvana (NYSE: CVNA) jumping by as much as 17%, Skillz (NYSE: SKLZ) popping 14.9%, and Silvergate Capital (NYSE: SI) gaining 7.3%. The stocks were still up by 14.1%, 8.5%, and 2%, respectively, as of 2:45 p.m. ET.
The broad market was rising Thursday in part because interest rates on bonds have dropped, which often correlates with a rising stock market. The yield on the 10-year U.S. Treasury bond was down 5 basis points Thursday to 3.84%, and similar dips could be seen for government bond yields around the world.
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"Risk On" Trade Pushes Carvana, Silvergate, and Skillz Higher Today