Market Overview

Financials Had A Really Bad Week

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Financials Had A Really Bad Week

Financial stocks are mostly lower on Friday, a trend that investors have seen almost all week.

With two hours of trading remaining on Friday, the Financial Select Sector SPDR Fund (NYSE: XLF) erased its early morning losses and was trading higher by just 0.17 percent. At the close, the ETF was up 0.48 percent, or $0.11, at $23.14. The index that tracks the financial sector has now lost roughly 1 percent over the past five days and lower by about 3 percent since the start of 2016.

Related Link: Financials Under Pressure Following Jobs Data

Taking a look at individual financial stocks within the index doesn't necessarily paint a similar picture, however.

The fund's largest holding at nearly 10 percent, Berkshire Hathaway Inc. (NYSE: BRK-B), was trading higher by 0.37 percent mid-Friday afternoon. It has lost 0.97 percent over the past five days, but gained nearly 10 percent since the start of 2016.

The fund's second largest holding at 7.88 percent, Wells Fargo & Co (NYSE: WFC), has lost nearly 2 percent over the past five days and is lower by nearly 10 percent since the start of the New Year. Similarly, the third largest holding, JPMorgan Chase & Co. (NYSE: JPM) has lost more than 2.5 percent over the past five days and nearly 7 percent year-to-date.

Bank of America Corp (NYSE: BAC) has experienced notable under-performance since the start of 2016, having lost more than 16 percent in value.

Meanwhile, the SPDR S&P 500 ETF Trust (NYSE: SPY) was higher by 0.370 percent at Friday's close. The index is also outperforming the financial sector, but still lower by around 0.30 percent over the past five days and higher by around 1 percent since the start of 2016.

Posted-In: bank stocks banking industry banks financial stocks financialsNews General Best of Benzinga

 

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