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Why Shares of SoFi Are Rising Today

Bram Berkowitz, The Motley Fool
·2 min read
Why Shares of SoFi Are Rising Today

Shares of the one-stop-shopping financial services company and digital bank SoFi (NASDAQ: SOFI) traded more than 11% higher as of 12:39 p.m. ET today in the hope that Congress will soon pass a bill to suspend the debt ceiling. After months of negotiations, President Biden and Speaker of the House Kevin McCarthy agreed on a proposal to suspend the debt ceiling until the first quarter of 2025. Within the bill, McCarthy negotiated several concessions, including the end of the student loan moratorium, which is a pause on federal student loan payments that first went into place more than three years ago at the very beginning of the pandemic.

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