Shares of Marqeta (NASDAQ: MQ), a card issuer and payment processor, were soaring today on no company-specific news. Instead, investors are continuing their bullish outlook on the stock after several banks reported better-than-expected financial results this week.

Investors are betting that the latest quarterly results from a handful of banks are an indicator that the economy may be stronger than previously thought. As a result, Marqeta's stock is soaring 9.2% as of 12:57 p.m. ET.  

Earlier this week, Bank and America and Bank of New York Mellon both reported quarterly financial results that outpaced analysts' consensus estimates. That was welcome news by many investors in the financial sector. The good times kept coming when Goldman Sachs reported third-quarter revenue and earnings that beat the consensus estimates as well. 

Continue reading

Source Fool.com