Discover Financial Q2 Profit Slips, But Lending Rises

Discover Financial Services (DFS) said before the market opened that second-quarter profit was down a bit from the same quarter last year as it set aside more money to cover bad debts, but roughly in line with analyst projections.

Investors ignored the profit miss and bid shares up as much as 3% early amid a broad market rally, partly in reaction to rising hopes the Federal Reserve will agree to extend stimulus measures to bolster the U.S. economy as Europe remains mired in debt crisis. The Fed's regular meeting is scheduled for Tuesday and Wednesday.

Discover shares rose 2.7% to 33.74 in afternoon trading.

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