Kash Patel Called Krispy Kreme Stock a Buy and Fueled Wild Rally

Hours into his second day of contentious testimony in Congress, Kash Patel, the FBI director, sparked one of the more unusual stock rallies of the year.

Patel, who’s faced withering criticism from lawmakers in both the Senate and lower house, was pressed at one point on why he had purchased individual stocks while in office. Patel explained that he’s long liked to trade stocks and said that in this case he simply saw “good investment” opportunities in Krispy Kreme Inc. and ON Semiconductor Corp.

Within minutes, Krispy Kreme stock was up 12% and ON Semiconductor 4.1%. The stocks closed ...