Here's Why American Express, Capital One, and Discover Are Rising on Friday
The stock market is looking to close out the week on a high note, with the Dow Jones Industrial Average and S&P 500 index up by 1.7% and 1.5%, respectively, as of 11:45 EDT. However, credit card stocks are performing much better.
Credit card payment processors and lenders American Express (NYSE: AXP) and Discover (NYSE: DFS) were higher by 5% and 9%, respectively. And credit card-focused banking institution Capital One (NYSE: COF) was up by about 8% for the day. Financial stocks, especially those with high credit card lending exposure, have been hit especially hard in the coronavirus market downturn, so it's not a surprise that they rebound strongly when there are signs of positive news.
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Source Fool.com
