Following the United Kingdom’s economic policy reversal, growth companies such as Airbnb ( NASDAQ:ABNB ) surged higher on Monday.
Furthermore, Bank of America issued a great earnings report, providing the latest evidence that the U.S. economy remains robust despite increasing interest rates and soaring inflation.
There was no company-specific news for Airbnb, but the travel stock gained from the market’s broad tailwinds, particularly the dropping dollar.
The Nasdaq Composite index gained 3.4% on the day, while Airbnb stock ( NASDAQ:ABNB ) gained 6.7%.
Market Analysis of Airbnb Stock
Economic conflicts in the United Kingdom cooled after the Bank of England announced that it would begin selling bonds several days after ending the emergency bond-buying operation it had begun two weeks previously to assist in strengthening trust in long-dated U.K. debt. Bonds. On Monday, the newly installed U.K. Finance Minister Jeremy Hunt scrapped practically every aspect of his predecessor Kwasi Kwarteng’s fiscal plan; the tax cuts and expenditure increases in that package had frightened British markets and were predicted to lead to greater inflation. Hunt also set an April deadline for the cessation of energy subsidies but said that the government would continue to seek methods to assist families in need beyond that date.
As a consequence of these developments, the British pound rose, and the U.S. dollar fell. The value of the Dollar Index declined by 1.1%.
This drop will help corp...
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