Visa's stock slips, Mastercard shares briefly see green after Apple Card announced
Shares of Visa Inc. slipped into negative territory in afternoon trade Monday, in the wake of Apple Inc.'s announcement of a new credit card during the technology giant's press event. Apple said the card, which will be built into the Apple Wallet app will have no fees, including no late-payment penalty, and aims to provide low interest rates. Meanwhile, Mastercard Inc.'s stock got a brief lift into positive territory, before erasing gains to be down 0.4%, after Apple said it was partnering with Goldman Sachs and Mastercard to provide support of an issuing bank and global payments network. Visa's stock has rallied 30.5% over the past 12 months and Mastercard shares have run up 33.8%, while Apple's stock has climbed 14.0% and the Dow Jones Industrial Average has advanced 8.1%.
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