Why SoFi Technologies Stock Rose 11.4% in May

The House, led by Speaker Kevin McCarthy (R-CA), and President Joe Biden hammered out a deal in the waning days of May that would raise the debt ceiling to cover costs for two years and avoid a default, which would have devastated the U.S. economy. Avoiding default was itself a significant catalyst for most stocks, but there was a specific provision in the debt-ceiling agreement that sent SoFi's share price surging higher. It is still a huge part of its business, and it has been one of the major reasons the stock has struggled in recent years.