Donald Trump's Wednesday morning victory sent crypto stocks soaring. Other forms of alternative finance saw a boost too.
Among the big gainers were startups Dave Inc. and MoneyLion, banking apps that offer $500 cash advances to new users. Both companies have been in hot water with regulators, but their stocks surged as investors widely expect Trump-and the Consumer Financial Protection Bureau chief he appoints-to take a more hands-off approach to regulation.
The FTC sued Dave Tuesday evening, alleging it used misleading marketing tactics and charged hidden fees. The market wasn't deterred-shares were up 22% as of Wednesday's market close. MoneyLion was embroiled in a CFPB suit in 2022, in which it was accused of overcharging consumers. Shares were up 18.5% at the close Wednesday.
Buy now, pay later lenders Affirm and Sezzle also saw big gains. BNPL companies have been top of mind for the CFPB-the watchdog in May issued an interpretive rule categorizing them as credit card providers, and Affirm in July submitted a letter opposing the rule.
Sezzle was up 18% and Affirm was up 9.6% as of Wednesday's market close.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
November 06, 2024 16:36 ET (21:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。