Bank of America Corp (BAC), JPMorgan Chase & Co. (JPM): Opposing Forces at Work Within Dow’s Continued Rise

In and out
Personal income and consumer spending data was also released this morning, with Dow component American Express Company (NYSE:AXP) taking the pole position for the day’s leaders. Following yesterday’s downward revision of the country’s economic growth, this morning’s news that personal incomes rose in May by 0.5%, along with a 0.3% increase in consumer spending, was a welcome relief for the market. With its credit cards and other discretionary spending operations, American Express Company (NYSE:AXP) is poised to benefit from a new surge of spending, which reached levels not seen since February based on the new data. And with most banks offering credit cards to their customers, there is sure to be a boost to that segment’s revenue generation if the trend continues.

The article Opposing Forces at Work Within Dow’s Continued Rise originally appeared on Fool.com and is written by Jessica Alling.

Fool contributor Jessica Alling has no position in any stocks mentioned — you can contact her here. The Motley Fool recommends American Express, Bank of America Corp (NYSE:BAC), and Wells Fargo & Co (NYSE:WFC). The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo.

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