Here's Why Upstart Is Soaring on Wednesday

The stock market was having a very strong day on Wednesday following a multiday slump. The Dow Jones Industrial Average and S&P 500 were both higher by about 2%, and the tech-heavy Nasdaq was higher by about 3% as of 10:40 a.m. ET.

However, lending-technology company Upstart (NASDAQ: UPST) was a major outperformer. Shares were trading higher by nearly 8% after rising by as much as 10% earlier in the day.

Clearly, much of today's move can be attributed to market momentum. Other major fintech companies such as PayPal and Block were significantly higher, as well.

Source Fool.com