Shares of several companies in the streaming, social media and gaming sectors, including Snap Inc (NYSE:SNAP), are trading higher amid overall market strength after the Federal Reserve announced it would raise the key interest rate by 50 basis points.
The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More
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Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
According to data from Benzinga Pro, Snap has a 52-week high of $83.34 and a 52-week low of $24.32.
