A rosier-than-expected outlook for growth for financial-tech services like Square and Cash App spurred a record rally in the stock price of their parent company, Block Inc.
Block’s shares rose 26% to $119.82 on Friday, the company’s biggest one-day percentage increase on record, after executives allayed investors’ worst fears that its businesses wouldn’t be able to prosper in the absence of stimulus checks, fees from the government’s small-business loan program and other pandemic-induced benefits.
