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Why PayPal Stock Shot 6% Higher Today

Why PayPal Stock Shot 6% Higher Today

PayPal Holdings (NASDAQ: PYPL) was one of the financial sector's winning stocks on the last day of trading before the long holiday weekend. The company's shares popped by nearly 6%, trouncing the 2.5% increase of the bellwether S&P 500 index. Citing "people familiar with the matter," the news agency said that PayPal has begun laying off some of its employees.