Why American Express (AXP) Stock Closed Higher Today

NEW YORK (TheStreet) -- Shares of American Express  (AXP) rose 0.70% to close at $95.57 in heavy trading volume today after it announced a partnership with Uber, the car ride service.

The integration allows AmEx's U.S. card members who are enrolled in the Membership Rewards program to either choose to earn double their reward points or to redeem points to use for Uber.

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Separately, Uber announced on Friday that it had raised $1.2 billion in new financing led by Fidelity Investments.

With a valuation of $17 billion, the four year old tech start up has one of the largest valuations ever for a venture capital backed company, according to the Mercury News.

TheStreet Ratings team rates AMERICAN EXPRESS CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate AMERICAN EXPRESS CO (AXP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, increase in net income and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

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