Why Carvana Stock Was Skyrocketing Today
Shares of Carvana (NYSE: CVNA) were moving higher again today as an ongoing short squeeze seemed to lift shares of the beaten-down online used car dealer for the second day in a row. As of 10:22 a.m. ET, Carvana stock was up 26.8% on high-volume trading, following a 19.5% gain last Friday. What was also notable about today's jump is that, unlike Friday's, it came as tech stocks pulled back, meaning the squeeze wasn't correlated with any specific market news or optimism about slowing interest rates or something similar.
