US Stock Market Move | Visa (V.US) and Mastercard (MA.US) both hit record highs; Visa approved by China's central bank to conduct bank card clearing operations in the mainland.

On Tuesday, Visa (V.US) and Mastercard (MA.US) both rose over 1% in early trading, hitting record highs together. On the news front, U.S. payments giant Visa announced that it has received approval from China's central bank to prepare for establishing a bank card clearing business in mainland China, paving the way for it to follow in the footsteps of competitors Mastercard and American Express Company (American Express) in entering China's massive payments market. Visa CEO Ryan McInerney said in a statement that for more than 40 years, Visa has been an active participant in China's vibrant payments ecosystem, and looks forward to taking the necessary steps in accordance with the relevant regulations of the People's Bank of China in order to conduct local business in mainland China.