Here's Why Block Is Rising on Tuesday
The stock market was having a strong day on Tuesday, rebounding from a slump triggered by the situation in Ukraine and general fears of an economic slowdown. However, Block (NYSE: SQ) -- formerly known as Square -- was a big outperformer. As of 1:30 p.m. ET, Block was higher by nearly 6% for the day.
To be sure, some of today's gains can be attributed to general market strength. The S&P 500 is only up by about 1% as of mid-afternoon, but several other fintechs are among the market's top performers. Companies like PayPal (NASDAQ: PYPL), Upstart (NASDAQ: UPST), and SoFi (NASDAQ: SOFI) are all outperforming the market today as well.
Separately, we also learned that Cathie Wood's Ark Invest bought nearly 52,000 more shares of Block in the midst of Monday's slump. Wood's exchange-traded funds (ETFs) have been hammered in the recent growth-stock sell-off, but this is still a big vote of confidence from a very prominent investor.
Source Fool.com
