Tax Reform Continued to Lift Financial Stocks
Markets continued to make record highs
The stock markets have been continually making record highs. The S&P 500 (SPX-INDEX) (SPY) posted its sixth straight all-time closing high last week, which marked its longest streak of record closes since 1997. The Dow Jones Industrial Average (DJI-INDEX) (DIA) and the NASDAQ (COMP-INDEX) also recorded new highs. Even the Russell 2000, a small-cap index, is trading at an all-time high. Strong economic data and higher expectations about tax reforms are pushing the stocks to higher levels.
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Financial stocks maintained their upward momentum. The S&P 500 Financials Index rose 1.90%. The Financial Select Sector SPDR Fund (XLF) rose the most with a rise of 1.89% followed by the Vanguard Financials ETF (VFH) and the SPDR S&P Bank ETF (KBE) with a gain of 1.7% and 0.44%, respectively. Citigroup (C) led the banking stocks with a rise of 4%. Other major gainers included Goldman Sachs (GS), Bank of America (BAC), and Morgan Stanley (MS). They rose 3.7%, 3.4%, and 3.30%, respectively.
The S&P Insurance Select Industry Index (SPSIINS) rose 0.99%.
ATM charges are 55% more than a decade ago
According to an annual survey by Bankrate.com, the average total fee for making a cash withdrawal at an ATM has increased to a record high of $4.69—up from $3.03 in 2007. Pittsburgh paid the highest average fee at $5.19, while Dallas paid the lowest fee at $4.07.