The stock market was having one of its best single-day rallies of all time on Monday. The Dow Jones Industrial Average opened at an all-time high and was more than 1,100 points higher for the day at 10:50 a.m. EST. The S&P 500 was up by nearly 3%, and most other major averages were well into positive territory.
With an upside move of nearly 8% on the day, the financial sector was one of the market's best performers. And credit card stocks were doing even better. American Express (NYSE: AXP) was up by more than 18% and fellow credit card lender/processor Discover (NYSE: DFS) was 12% higher. Credit card-focused lending institution Capital One (NYSE: COF) was leading the charge among the branch-based U.S. banks , with shares higher by over 13% in Monday's rally.
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Here's Why American Express, Discover, and Capital One Financial Stocks Are Soaring on Monday