Visa & MasterCard Lead Markets
This morning, Visa Inc (NYSE:V) and MasterCard Inc (NYSE:MA) are surging sharply higher. The catalyst for the rally in these two leading stocks is a strong reaction to the MasterCard earnings announcement. MA stock will have some short term intra-day resistance around the $385.00 level. Visa Inc stock is obviously trading higher in sympathy to the MasterCard earning report. Visa stock is now trading at a new all time high at $106.13 a share.
Other leading credit card stocks that are trading higher include American Express Co (NYSE:AXP) and Discover Financial Services (NYSE:DFS). It is important to note that AXP and DFS are also bank holding companies; therefore they will not always trade along with the credit card companies such as Visa and MasterCard.