American Express's Stock Cuts Dow's Gain By More Than 50 Points

By Markets MarketWatch Pulse

American Express Co.'s stock , which suffered the biggest-ever price decline in the 44 years it has traded publicly, according to FactSet data, took more than 50 points away from the Dow Jones Industrial Average's gain. The stock plunged $7.58, or 12.1%, on Friday to the lowest close since November 2012, after the card issuer gave a disappointing profit outlook and outlined plans to cut $1 billion in costs. The current divisor for the Dow, which is a price-weighted index, indicates the price decline in AmEx's stock was worth 51.91 Dow points. The Dow closed Friday up 210.83 points, or 1.3%, compared with a 2% rise in the S&P 500 Index. AmEx's stock's second-biggest price decline was $6.95 on Sept. 29, 2008. Friday's percentage decline was the biggest since it fell 12.98% on April 20, 2009.

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