Banks Lead Financials Higher (XLF)

Financial stocks rallied Wednesday, with major banks leading the financial ETF (NYSE: XLF) higher by close to 3 percent. JP Morgan (NYSE: JPM), Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS), Citi (NYSE: C) and Goldman Sachs (NYSE: GS) shares all moved higher, with Morgan Stanley leading the pack with a gain of 8.4 percent.

The move comes even as analysts at Wells Fargo fall inline with other analysts who slashed earnings estimates on US banks. Wells Fargo sited "a deteriorating market environment”.

Financial sector stocks have lost 10 percent in the past 30 days, but are still positive for the year.

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