Here's Why Visa, Mastercard, and American Express Are Higher on Wednesday

The stock market was having a strong day on Wednesday, with gains fueled by promising preliminary results from Gilead Sciences' (NASDAQ: GILD) potential coronavirus treatment remdesivir. As of noon EDT, the Dow Jones Industrial Average and S&P 500 index were higher by 2.3% and 2.7%, respectively.

Credit card stocks were some of the market's best performers. Payment-processing giants Mastercard (NYSE: MA) and Visa (NYSE: V) were up by 6.6% and 5.4%, respectively and closed-loop payment company American Express (NYSE: AXP) had risen by 6.3%.

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Source Fool.com