Cash App's Surge During Covid-19 Pandemic Fuels Square Stock

Square Inc.’s Cash App looks a lot like a bank—digitally storing and transferring money for users. Investors don’t seem to mind.

Square shares have rallied 28% in the past month and are up 166% since the start of the year, while bank stocks have fallen sharply. The run-up is mostly due to the popularity of its Cash App offering, which lets consumers send money to one another via smartphone, purchase things with a prepaid debit card and invest in bitcoin and slices of individual stocks, analysts and investors said.

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