A rosier-than-expected outlook for progress for financial-tech companies like Sq. and Money App spurred a file rally within the inventory worth of their dad or mum firm, Block Inc.
Block’s shares rose 26% to $119.82 on Friday, the corporate’s largest one-day share improve on file, after executives allayed traders’ worst fears that its companies wouldn’t have the ability to prosper within the absence of stimulus checks, charges from the federal government’s small-business mortgage program and different pandemic-induced advantages.