The stock market was having a strong day on Thursday, but fintech giant Square (NYSE: SQ) was a major standout. As of 3 p.m. EST, shares had risen by 10% to about $222, making back all of what they lost in this week’s slump.
There are several catalysts that could be driving Square higher today. For one thing, the overall stock market is strong, and the financial sector as a whole is performing well. As an indicator, the Financial Select Sector SPDR ETF (NYSEMKT: XLF) was higher by 2.5% for the day, significantly outperforming the S&P 500.