Why American Express Stock Was Volatile Today
American Express (NYSE: AXP) had a volatile day on the stock market today, as it was down about 2.9% in morning trading. But the stock rebounded and was only down about 0.8% as of 11:50 a.m. ET, when it was trading at about $173 per share. The stock price is up roughly 17% year to date.
The major markets were all up on Thursday. The S 500 had gained 31 points (0.7%), the Dow Jones Industrial Average climbed 336 points (1%), and the Nasdaq Composite gained 77 points (0.6%) as of 11:50 a.m. ET.
The primary catalyst for American Express's initial decline on Thursday morning was likely an analyst report from Citigroup. Citi analyst Arren Cyganovich put American Express on a 90-day negative catalyst watch due to short-term headwinds for the stock.
Source Fool.com
