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Financials help fuel stock rally

  • Financial stocks advance across much of the sector in midday trading, even though Fed Chair Jerome Powell hinted at a willingness to cut interest rates to protect the U.S. economic expansion.
  • Trade tensions eased slightly after Mexico's leader Andres Manuel Lopez Obrador says he's hopeful the country will come to a deal to avoid tariffs threatened by President Trump.
  • Financial Select Sector SPDR ETF (NYSEARCA:XLF) rises 2.2%, on pace for its biggest one-day gain since April 1 if it closes at recent trading price of $26.77.
  • All the U.S.-based megabanks surge: Bank of America (BAC +4.1%), Citigroup (C +4.3%), JPMorgan Chase (JPM +2.7%), Goldman Sachs (GS +3%), and Morgan Stanley (MS +3.9%).
  • Regional banks also benefit: Bank OZK (OZK +4.3%), Huntington Bancshares (HBAN +3.6%), Axos Financial (AX +3.1%), KeyCorp (KEY +3%), SunTrust Banks (STI +2.9%), and CIT Group (CIT +2.7%) are among the strongest.
  • Credit-card and consumer finance firms rise: Alliance Data (ADS +2.8%), Discover Financial (DFS +2.6%), Capital One (COF +2.6%), Santander Consumer USA (SC +2.5%), Ally Financial (ALLY +2.6%), and Credit Acceptance (CACC +2%).
  • Life insurance also perks up: Brighthouse Financial (BHF +5.2%), MetLife (MET +2.3%), Prudential (PRU +3.2%), Principal Financial (PFG +2.8%), Aegon (AEG +4.1%).
  • Asset managers: Blackrock (BLK +2.8%), Ameriprise Financial (AMP +3.6%), T. Rowe Price (TROW +2.7%).

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Related Stocks

SymbolLast Price% Chg
XLF--
Financial Select Sector SPDR® Fund ETF
BAC--
Bank of America Corporation
C--
Citigroup Inc.
JPM--
JPMorgan Chase & Co.
GS--
The Goldman Sachs Group, Inc.