Investors Aggressively Buying Bank Stocks (XLF, JPM, C)
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UPDATED: Investors were aggressively looking to get long exposure to bank stocks today, with the group continuing its recent bounce.
Illustrating the level of investor interest in the sector today was the relatively strong trading volume in sector ETF Financial Select Sector SPDR (NYSE: XLF). The full day volume in the XLF fell just below the volume of monster EFT SPDR S&P 500 (NYSE: SPY), which normally dwarfs the XLF.
The XLF traded 71.4 million shares today, versus 78.8 million for the SPY. The average full day volume for the XLF is 84 million and for the SPY it is 179 million.
Volume is normally slow during this holiday week, however the volume in the XLF closed in on its normal full day volume, while the SPY was less than half of it.
The XLF rose 1.1 percent today.
Some of the larger components of the XLF are JP Morgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), BofA (NYSE: BAC), Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS), among others.
Illustrating the level of investor interest in the sector today was the relatively strong trading volume in sector ETF Financial Select Sector SPDR (NYSE: XLF). The full day volume in the XLF fell just below the volume of monster EFT SPDR S&P 500 (NYSE: SPY), which normally dwarfs the XLF.
The XLF traded 71.4 million shares today, versus 78.8 million for the SPY. The average full day volume for the XLF is 84 million and for the SPY it is 179 million.
Volume is normally slow during this holiday week, however the volume in the XLF closed in on its normal full day volume, while the SPY was less than half of it.
The XLF rose 1.1 percent today.
Some of the larger components of the XLF are JP Morgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), BofA (NYSE: BAC), Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS), among others.
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