Stocks Of Credit Card Companies Slump As Wall Street Overall Drifts In Mixed Trading
HuffPost
Stocks of credit card companies are dropping after President Donald Trump threatened moves that could eat into their profits.
NEW YORK (AP) — Stocks of credit card companies are dropping Monday after President Donald Trump threatened moves that could eat into their profits. The rest of Wall Street, meanwhile, was showing only modest signals of concern after tensions ramped to a much higher degree between the White House and the Federal Reserve.
The S&P 500 edged down by 0.1% from its all-time high as U.S. stocks drifted through mixed trading, while prices for gold and other investments that tend to do well when investors are nervous rose. The value of the U.S. dollar also dipped against other currencies amid some concern that the Fed may have less independence in setting interest rates to keep inflation under control.
The Dow Jones Industrial Average was down 151 points, or 0.3%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was down 0.1%.
Some of the stock market’s sharpest drops hit credit card companies, as Synchrony Financial, Capital One Financial and American Express all fell between 5% and 9%. They sank after Trump said he wanted to put a 10% cap on credit card interest rates for a year. Such a move could eat into profits for credit card companies.
But it was a separate move by Trump that was grabbing more attention on Wall Street. Over the weekend, the Federal Reserve’s chair said the U.S. Department of Justice subpoenaed the Fed and threatened a criminal indictment over his testimony about renovations at its headquarters.
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