Regional Banks Sink, REITs Move Higher (RF) (CMA) (NLY) (AGNC)

July 11, 2013 10:44 AM EDT
Regional banks were laggards on Thursday. The BW Regional Banking Index dropped as much as 1.5%, its largest intraday drop since Jun 14. Regions Financial Corporation (NYSE: RF), Comerica Incorporated (NYSE: CMA), Zions Bancorp. (Nasdaq: ZION), and KeyCorp. (NYSE: KEY) were among the worst performers. The related ETF, SPDR S&P Regional Banking ETF (NYSE: KRE) declined as well.

The move is tied to fluctuation in interest rates, with yields declining in response to comments from Fed Chairman Ben Bernanke yesterday.

On the other side of the coin, REITs performed well, with Annaly Capital Management, Inc. (NYSE: NLY), American Capital Agency Corp. (Nasdaq: AGNC), Chimera Investment Corporation (NYSE: CIM) and others posting gains. Homebuilders also posted gains.

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