Benzinga | Oct 7, 2021 10:22AM EDT

Why Snap Shares Are Rising

Shares of several companies in the broader technology sector, including Snap Inc. (NYSE:SNAP) are trading higher in sympathy with the overall market on optimism Congress will near a deal that would prevent a government shutdown.

During yesterday's after hours session, Snap announced Spotlight Challenges which will offer snapchatters the chance to win cash prizes for creating top-performing spotlight snaps using specific lenses, sounds, or #topics.

Snap Inc. operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight.

Snap's stock was trading about 4.6% higher at $76.52 per share on Thursday at the time of publication. The stock has a 52-week high of $83.34 and a 52-week low of $26.68.