NEW YORK (AP) -- Shares of credit card issuer American Express Co. fell, along with the broader market, as disappointing data on inflation and housing stirred fresh concerns about the economy.Shares fell $1.43, or 3.8 percent, to $36.56 in morning trading. Shares have traded between $35.10 and $63.63 in the past 12 months.
The Labor Department reported Tuesday that its Producer Price Index increased by 1.2 percent in July, more than double what was expected. The increase means prices have risen in the past 12 months at the fastest pace in 27 years.
Meanwhile, the Commerce Department said July housing starts fell to their lowest level in more than 17 years.
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