Why Shares of American Express Are Up This Week

Shares of American Express (NYSE: AXP) were up more than 11% on the week after market close Thursday, following a positive update on travel spending, crypto news, and the Federal Reserve making what could be the first of many rate hikes this year.

American Express has not only recovered from the coronavirus but has also seen its stock hit new highs over the past year. However, the credit card and payments company has still been waiting for the resurgence of travel, which is one of its big customer segments. CEO Stephen Squeri provided an update on travel earlier this week.

Squeri told CNBC: "We're at 80% overall [travel and expenses] in the fourth quarter with consumer over 100% from 2019 levels. When we look at our travel bookings, our travel bookings were up in December." He added that travel bookings have continued to march higher in January and February.

Source Fool.com