Credit card issuers rally, as Discover Financial jumps on Diners Club purchase - Consumer Finance Hub

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Credit card issuers rally, as Discover Financial jumps on Diners Club purchase

Shares of credit-card companies rose Monday, drawing support from gains in the broader financial sector and as shares of Discover Financial Services jumped on news of acquisition of Citigroup Inc.'s Diners Club International network. Discover's stock rallied nearly 10% to $18.84 in intraday trading, the highest level since November, 2007. The stock last traded up 8.5% at $18.60. Discover Financial said earlier it plans to buy Diners Club International network for $165 million. The deal is expected to close within 90 days.

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