Here's Why American Express and Other Credit Card Stocks Are Rising on Monday

The stock market was rising sharply on Monday as investors cheered a positive development in the fight against COVID-19. As of 2:50 p.m. EDT, the Dow Jones Industrial Average and S&P 500 benchmark index were up by 3.9% and 3.3%, respectively.

Some parts of the stock market were doing even better. The financial sector was one of the biggest outperformers on Monday -- especially credit card stocks. American Express (NYSE: AXP) was higher by 8%, credit card-focused bank Capital One (NYSE: COF) was up by 9%, and Discover (NYSE: DFS) was up by 7%.

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Source Fool.com