SoFi Rallies to Record Streak as Student Loan Overhang Eases (1)

SoFi Technologies Inc. advanced for a ninth straight day, as optimism over plans to restart student loan payments has yielded a record run of gains.

The online lender, which went public through a deal with a special purpose acquisition company run by venture capitalist Chamath Palihapitiya in 2021, has surged 43% over the recent rally. SoFi stock’s strength was jump started in late May as legislators reached a debt-limit deal that included the resumption of student loan payments.

The anticipated end of the moratorium helps alleviate an overhang for SoFi, as the firm’s student loan refinancing business was under pressure ...