Bed Bath & Beyond Stock Jumped Nearly 6% on Friday
What happened
While the markets were down big on Friday, Bed Bath & Beyond enjoyed a good day, gaining 5.9%. It had been up as high as 13% just after the opening bell.
It was among the relatively few stocks that did well on Friday as the Dow finished the day down 3%, while the Nasdaq Composite fell 3.9%, and the S&P 500 dropped 3.4%.
So what
It was a terrible day on the markets as investors reacted negatively to a speech by Federal Reserve Board Chairman Jerome Powell at its Jackson Hole, Wyoming, meeting. Powell's speech confirmed what many had expected: that the Fed would take a hawkish stance toward lowering inflation.
But concerns of a recession did not hurt Bed Bath & Beyond, at least not Friday. On Tuesday, The Wall Street Journal reported that the beleaguered home goods retailer was arranging funding to help shore up its cash flow, because it has been hurt by inflation and a drop in consumer spending. The stock surged Wednesday on the news.
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