Shares of Block Inc. (NYSE: SQ) were surging higher on Wednesday afternoon, climbing as much as 8.9% at around 2:30 p.m. EST. By 3 p.m. EST, Block was trading 7.4% higher at $66.70.

The major market indexes were up too, led by the Nasdaq Composite, which was up 328 points (3%) at 3 p.m. EST. The Dow Jones Industrial Average had gained 403 points (1.2%), while the S&P 500 was up 76 points (1.9%) at 3 p.m. EST.

There was no secret as to why the markets took off Wednesday afternoon. Block, along with other fintechs and growth stocks, jumped higher after Federal Reserve Board Chair Jerome Powell delivered a speech at the Brookings Institution.

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Source Fool.com