American Express (NYSE: AXP) easily surpassed expectations in the first quarter and is guiding for full-year earnings above what Wall Street expected. Investors are buying in, sending shares of Amex up 4% as of 11 a.m. Eastern.

Investors are watching bank stock earnings closely this quarter, looking for signs that higher rates are causing credit quality, and earnings, to deteriorate. American Express' results should help quell some of those fears.

The company earned $3.33 per share in the first quarter on revenue of $15.8 billion, topping the consensus expectation of $2.78 per share on sales of $14.86 billion. Earnings increased 39% year over year, and revenue was up 11%, fueled by higher member spending and strong fee-based income.

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Source Fool.com