Upstart Holdings, Inc. (NASDAQ:UPST) shares are trading higher Tuesday. The stock may be catching a boost from news of a tentative debt deal.
What To Know: The move in Upstart shares appears to be driven by a tentative final agreement between President Joe Biden and House Speaker Kevin McCarthy to raise the country’s debt ceiling.
President Biden reminded the country of what was at risk by saying, “The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history. Takes the threat of a catastrophic default off the table.”
UPST shares are trading on above-average volume of more than 11 million at publication time versus its 100-day average of approximately 6.8 million, according to Benzinga Pro.
The stock has high short interest with 34.74% of the float currently sold short, which could be helping fuel Tuesday’s rally. Upstart also has ties to AI, which has been an explosive sector recently.
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UPST Price Action: Shares of UPST were up 17.6% at $29.25 at the time of publication, according to Benzinga Pro.
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