People are swiping, and that is good news for American Express Co. (AXP) . 

The credit card company enjoyed a fifth straight day of gains, at one point rising as much as 1.4% during Wednesday's session as reaching a new all-time high of $106.26. American Express closed Wednesday's session up 0.97% to $105.83. 

Strong numbers from large retailers like Walmart (WMT) and Target (TGT) may be providing a tailwind for the stock as consumers exercised their purchasing power in the second quarter. 

On Wednesday, Target reported that same-store sales jumped 6.5% on the way to a blowout quarter where consumer traffic grew by 6.4% - the strongest growth in traffic since Target began reporting the metric in 2008.

Earlier this week, Walmart reported a 4.5% increase in second-quarter same-store sales on the way to revenue of $128 billion. The retailer also raised its full-year earnings guidance to between $4.90 and $5.05 per share from its previous view between $4.75 and $5 per share. 

Strong retail numbers means that people are spending money, and if they are using AmEx cards, that is good for the company and its investors. 

More from Credit Cards

The 7 Best Times to Buy a TV and Why

The 7 Best Times to Buy a TV and Why

How Does Venmo Make Money and Is It Safe?

How Does Venmo Make Money and Is It Safe?

Top 7 Facebook Scams to Watch Out for in 2018

Top 7 Facebook Scams to Watch Out for in 2018

What Is the Prime Rate? Definition, History and Rate in 2018

What Is the Prime Rate? Definition, History and Rate in 2018

How to Make a Budget: 7 Easy Steps to Use Now

How to Make a Budget: 7 Easy Steps to Use Now