Here's Why Capital One Was Rising on Friday
The stock market was having a decent day on Friday, with the Dow Jones Industrial Average and S&P 500 index both about 1% higher at 3 p.m. EDT. However, credit card-focused banking institution Capital One (NYSE: COF) was a standout, with shares up by about 8%.
For the first quarter, Capital One reported a loss of $1.3 billion, or $3.10 per share. However, this includes a $3.6 billion build in its allowance for loan losses. With the uncertainty surrounding the pandemic and the U.S. recession, most financial institutions are bracing for an uptick in loan delinquencies and defaults, and Capital One is no exception.
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Source Fool.com
