American Express Stock Up on Rumor

From Associated Press

American Express stock rose $1 a share to $78.625 on Wednesday in New York Stock Exchange trading on a rumor that Nippon Life Insurance of Japan will pay $600 million to buy 10% of American Express' Shearson Lehman Bros. investment firm unit.

In Tokyo, the newspaper Nihon Keizai quoted Japanese officials today as saying that Nippon Life does plan to make the investment and that the company and American Express will also cooperate in the credit card or insurance business.

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