Why Block Dropped Nearly 3% Today
It was a volatile day for Block (NYSE: SQ) on Tuesday as the stock surged higher in the morning and then fell back down as the trading day went on. It was up 1.6% to $74.21 at around 10:15 a.m. ET, then fell to $70.89 per share at noon -- down 2.9% from the previous day's close. It ended the day at $70.94, down 2.84% on the day.
Some positive news about one of its products may have caused the initial jump, but Block sank with the overall market after that on a negative Purchasing Managers Index (PMI) report.
Block issued a press release Tuesday morning announcing that it was launching its buy now, pay later (BNPL) service in the U.K. across all platforms within its Square seller ecosystem -- including online and in-store.
Source Fool.com
