FirstCash Holdings Shares Surge on Fed Rate Cut

FirstCash Holdings, a pawn store operator, saw a three percent surge in its shares following the Federal Reserves quarter-percent interest rate cut, marking the third consecutive reduction and the lowest policy rate in nearly three years. The move aims to balance a cooling job market with inflation. Despite initial volatility, FirstCashs shares closed up by about two point seven percent, a significant movement for the typically low-volatility stock. The positive sentiment was further boosted by New York Fed President John Williams comments, increasing the likelihood of a December rate cut. FirstCash has had a strong year, with its current price reaching a new fifty-two-week high of one hundred sixty-three dollars and six cents per share.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.