Reuters
(Reuters) -American Express's first-quarter profit vaulted past Wall Street estimates on Friday, driven by an affluent customer base that increased spending as recession fears receded. Amid a turbulent landscape in which concerns over the financial well-being of lower-income consumers have troubled several lenders, American Express's clientele has shielded the company from significant impact and left it largely unscathed by the challenges others in the industry faced. Shares of the New York-based company rose about 2%, to $221.66 in premarket trading, after it reported a profit of $3.33 a share for the three months ended March, sailing past analysts' average expectation of $2.96 a share, according to LSEG data.