Why Did Circle Internet Stock (CRCL) Skyrocket Today?
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Shares of Circle Internet (CRCL) surged 17.8% amid a broader market rise, despite mixed economic signals from the latest Consumer Price Index (CPI) and unemployment claims. The CPI indicated higher-than-expected inflation, while jobless claims reached their highest since October 2021. This conflicting data suggests potential rate cuts by the Federal Reserve, which could benefit riskier assets like crypto and growth stocks. However, Circle's valuation remains high, with a forward P/E ratio exceeding 120, indicating that growth expectations may be overly optimistic.
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