Visa, MasterCard Surge on Access to China; Markets Digest Earnings Deluge
All benchmark indexes were in the green in midday trading Wednesday, thanks to earnings-driven gains at McDonald's (MCD), Coca Cola (KO) and EMC (EMC).
Stocks wavered between gains and losses in a choppy trading session. By midday, all benchmark indexes were in the green thanks to earnings-driven gains at McDonald's (MCD), Coca Cola (KO) and EMC (EMC). Visa (V) and MasterCard (MA) jumped on news China will open up bank processing to foreign firms. The credit card companies will be allowed access to China on June 1, opening them up to a market valued at more than $6 trillion. Consumer reviews site Angie's List (ANGI) surged after besting analysts' estimates on the top and bottom line in its first quarter. Gains were driven by an 18% increase in paying members from a year earlier.
