Why American Express Stock Fell 23.5% in the First Half of 2020
Shares of American Express (NYSE: AXP) fell 23.5% during the first half of 2020, according to data from S&P Global Market Intelligence. The credit card company slid along with the financial sector, which suffered from the economic recession caused by the COVID-19 pandemic. While American Express isn't quite as exposed to credit losses as some other large banks, lower overall spending still affects its discount fee revenue and earnings.
