Why Block, Affirm, and Upstart Stocks Rallied on Wednesday
This continues to be a year like no other. The bear market, rising interest rates, and 40-year-high inflation have dampened the spirits of consumers and investors alike. These factors have been easing somewhat in recent weeks, giving market watchers incentives to tiptoe back into the stock market.
It seems any bit of good news is an excuse to buy shares of beaten-down stocks. Furthermore, the Federal Reserve has signaled in recent days that it plans to continue its aggressive approach to taming rampant inflation.
This news sent shares of a number of financial technology (fintech) companies higher on Wednesday, as Block (NYSE: SQ) rose as much as 5.2%, Affirm Holdings (NASDAQ: AFRM) jumped as much as 5.1%, and Upstart Holdings (NASDAQ: UPST) surged as much as 4.8%. By the end of the trading day, the rally had lost some steam, but the trio were still trading higher, up 2.4%, 3.1%, and 0.8%, respectively.
Source Fool.com
