Why Block Stock Was Falling Today
It has been a volatile week for the fintech Block Inc. (NYSE: SQ) as the stock plummeted more than 7% on Friday at around 11:20 a.m. ET and was down about 6.9% at 1:45 p.m. ET to $69.50.
It was a bad day for the markets overall as the Dow Jones Industrial Average was down about 650 points in early afternoon trading, while the S&P 500 was down 2.3%, and the Nasdaq Composite was down 2.8%.
There were a few factors that impacted Block on Friday. Early Friday morning, several news organizations, including Reuters, reported that Block and its buy now, pay later business, Afterpay, ended its relationship with Australian bank Westpac Banking Corp. The Afterpay app had been available to Westpac banking customers as part of its banking-as-a-service platform. But Block decided to pull Afterpay from the bank, and it will now look to roll out its Cash App service in Australia.
Source Fool.com
