Shares of many fintech stocks bounced higher on the second-to-last day of trading in 2021, which seemed to be related to a jobless claims report that was better than expected. Shares of the artificial intelligence personal loan company Upstart (NASDAQ: UPST) rose nearly 5% today, while shares of the digital financial services company SoFi (NASDAQ: SOFI) and fintech MoneyLion (NYSE: ML) both rose more than 10%.
Weekly jobless claims for the week ending Dec. 25 totaled 198,000, beating the 205,000 forecast, which is near the lowest level in 50 years.
Gus Faucher, chief economist at PNC , wrote in a research note:
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Why Shares of Upstart, SoFi, and MoneyLion All Rose Today