What Happened?
Shares of education finance company Nelnet (NYSE: NNI) jumped 4.8% in the afternoon session after the broader market rallied after Federal Reserve Chair Jerome Powell indicated that interest rates could be cut. Federal Reserve Chair Jerome Powell's comments indicating that interest rates could be cut sent a wave of relief through the market, causing stocks to surge broadly. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted significant gains on the news. Amidst this widespread positive sentiment, Nelnet's stock reached a new all-time high of $130.49. The move reflects strong investor confidence and the company's solid market performance, which has seen impressive year-to-date returns.
After the initial pop the shares cooled down to $130.15, up 4.4% from previous close.
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What Is The Market Telling Us
Nelnet’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Nelnet is up 23.1% since the beginning of the year, and at $130.15 per share, has set a new 52-week high. Investors who bought $1,000 worth of Nelnet’s shares 5 years ago would now be looking at an investment worth $1,999.
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