Financial Stocks (XLF) Higher After Hours as Morgan Stanley Dodges 3 Notch Downgrade

After a difficult Thursday, Financial Select Sector SPDR ETF (NYSE: XLF) is moving higher in after-hours trading. The move higher was spurred by shares of Morgan Stanley (NYSE: MS) which popped 3 percent after a Moody’s downgraded the company by only two notches. Some had feared the company would suffer a three-notch downgrade. Other large U.S. banks also saw downgrades, but they were inline with what investors were expecting.

Despite a 1.7 percent drop today, Financial Select Sector SPDR ETF is higher by 7.66 percent in the past 30 days, making Financials one of the better performing sectors of the S&P 500.

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