Why Marqeta Stock Was Up 11.7% This Week
There have been a lot of down weeks for Marqeta (NASDAQ: MQ) this year, but this week was not one of them. The fintech climbed 11.7% for the week, from $6.50 per share at the market close last Friday to $7.26 per share at the market close on Thursday, Oct. 20. It remains down about 59% year to date. Meanwhile, the S&P 500 and the Dow Jones Industrial Average were both up about 2.2% over that same time frame, while the Nasdaq was up 3.2%.
There was nothing specific to Marqeta -- a company providing the digital infrastructure that allows customers to issue their own payment cards -- that drove its stock price higher this week. Rather, it was a variety of external factors.
The entire market jumped on Monday, when British Finance Minister Jeremy Hunt effectively scrapped now-former British Prime Minister Liz Truss's proposed tax cuts, sending the pound higher. Later in the week, Truss resigned, and the market spiked again.
Source Fool.com
