Financials Strong After Good Quarterly Numbers (AXP, COF, FII, XLF)

Financial stocks opened higher after strong quarterly numbers from American Express Co. (NYSE: AXP). The Financial Select Sector SPDR ETF (NYSE: XLF) is close to a 3% gain for the week. According to MarketWatch, Capital One Financial Corp. (NYSE: COF) and American Express (AXP) stock were up after reporting robust quarterly results.

American Express reported good growth in its quarterly profits. MarkerWatch has noted that the company’s revenue growth remained weak due to tough economic scenario, however, the rebound in card spending and declining loan defaults showed encouraging signs of improving trends. Federated Investors Inc. (NYSE: FII) shares slumped after getting a rating downgrade.