- It's not quiet pre-holiday action in the financial sector as strong economic news and rising interest rates have pushed the XLF up 2%, the KRE up 2.35%, and KBE up 2.4%. This vs. the S&P 500's 0.5% advance and the Nasdaq's 0.1% decline.
- Previously: Yields move even higher after strong ISM print (July 3)
- Banks also continue to bask in the strong results of the Fed's stress tests and CCAR - both of which reinforce the Trump administration's desire to ease back on the regulatory state.
- Bank of America (BAC +2.6%), Citigroup (C +2.8%), Morgan Stanley (MS +3%), NYCB (NYCB +2.4%), KeyCorp (KEY +2%), Fifth Third (FITB +2.6%), SunTrust (STI +2%), Zions (ZION +2.4%), Valley National (VLY +2.7%), MetLife (MET +2.8%), Lincoln National (LNC +3.2%), Northern Trust (NTRS +2.1%)
- ETFs: XLF, FAS, FAZ, VFH, UYG, IYF, FNCL, BTO, IYG, FXO, SEF, RYF, FINU, XLFS, FINZ, RWW, FAZZ, JHMF, FNCF
- Now read: Realty Income And Bank Of America: Own The Odd Couple
Original article