Here's Why Capital One, Discover, and American Express Plunged on Wednesday

The stock market was having a rough day on Wednesday. As of 3 p.m. EDT, the Dow Jones Industrial Average and S&P 500 index were lower by 2.6% and 2.3%, respectively.

Credit card stocks were among the market's worst performers. American Express (NYSE: AXP) lost 6.5% of its value with an hour left in the trading session, while Capital One (NYSE: COF) and Discover (NYSE: DFS) got hit even harder, as both were down by about 8%.

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Source Fool.com