Why Block Stock Was Rallying More Than 4% Higher Today
Shares of fintech leader Block (NYSE: SQ), formerly known as Square, were up 4.4% today as of 1:40 p.m. ET. There was no specific financial news from Block that accounted for the rally, but Bitcoin (CRYPTO: BTC) has been on the rise in recent weeks. Bitcoin is up nearly 16% in the last week alone. Given that Block is betting on the long-term development of the Bitcoin network, this could be a primary reason for the stock's rise today. https://www.coinbase.com/price/bitcoin
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It's worth noting that Block stock remains over 50% below its all-time high last reached in late 2021. Growth stocks have begun to show signs of life once again after enduring a massive sell-off in recent months. This crash was spurred on by the Federal Reserve's indication it will be raising interest rates this year to combat inflation. Higher interest rates lowers the present value of assets like high-growth stocks.
Source Fool.com
