Square Stock Surges to 20-Month High

Hot fintech company Square (NYSE: SQ) has been a top investor pick this week; on Wednesday it rocketed to its highest level in the last 20 months, closing at nearly $92 per share.

The immediate catalyst seems to have been encouraging monthly data from payment card giant Visa (NYSE: V). The company's U.S. payment volumes fell by 5% on a year-over-year basis in May. While that might seem disheartening at first, the decline represented a significant improvement over April's result, in which Visa's annual drop came in at 18%.

Since Visa is the No. 1 credit and debit card brand in the world, developments in its business are frequently considered to be indicative of the noncash-payment industry as a whole.

Source Fool.com