Here’s Why Square Stock Is Soaring to a New All-Time High on Wednesday
The stock market started July off on a positive note, with all of the major averages marginally higher as of 12:30 p.m. EDT. However, fast-growing fintech Square (NYSE: SQ) was a major standout, with shares up by 9% to about $114. If the gains hold for the rest of the day, this will be a new all-time high closing price for Square, and by a considerable margin.
Square has had quite a bit of momentum behind it recently. It has done an excellent job helping its sellers through the COVID-19 pandemic by being a PPP loan facilitator and helping sellers pivot to online and curbside selling, and its Cash App got a major boost from the stimulus checks. Square had more than tripled since the March lows (before today's move), so it's fair to say that the market is generally optimistic about the company's ability to not only weather the pandemic, but to thrive despite it.
Image source: Square.
Source Fool.com
