Why Fintech and E-Commerce Stocks Jumped Today
Shares of various financial tech and e-commerce companies have jumped today after Visa (NYSE: V) disclosed some encouraging data regarding U.S. payments volumes, spurring hopes that the economy is starting to recover. That's good news for financial companies that process payments and issue credit cards as well as e-commerce companies that sell consumer-discretionary items online. Here's how several prominent stocks closed out the day:
U.S. spending is starting to recover. Image source: Square.
In a regulatory filing, Visa said that total U.S. payments volumes declined 5% year over year in the month of May, a meaningful improvement from the 18% decline experienced in the month of April. Investors are encouraged by the month-over-month improvement of 13 percentage points.
Source Fool.com
