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Must-Know Updates from the Financials Sector Last Week

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Must-Know Updates from the Financials Sector Last Week PART 1 OF 3

Financial Stocks Continued to See Moderate Gains Last Week

S&P 500 closes above 2,600

US equities finished the shortened trading week on a very high note. The S&P 500 Index (SPX-INDEX) (SPY), the Dow Jones Industrial Average (DJI-INDEX) (DIA), and the NASDAQ Composite (COMP-INDEX) (QQQ) reported strong weekly gains of 0.91%, 1.6%, and 0.86%, respectively. For the first time ever, the S&P 500 closed above 2,600. The markets expect that the proposed fiscal stimulus would help maintain the current economic momentum though concerns remain regarding the fate of the tax overhaul plan.

Financial Stocks Continued to See Moderate Gains Last Week

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Moderate gain for financials

Financial stocks edged higher last week, and the S&P 500 Financial Index rose 0.19%. Citibank (C), Morgan Stanley (MS), and J.P. Morgan (JPM) rose 0.97%, 0.74%, and 0.18%, respectively. The laggards included Goldman Sachs (GS), Wells Fargo (WFC), and US Bancorp (USB), which fell 0.87%, 0.11%, and 0.10%, respectively. Major financial ETFs reported gains with the Vanguard Financials ETF (VFH) and the Financial Select Sector SPDR ETF (XLF) inching up 0.32% and 0.23%, respectively.

The S&P Insurance Select Industry Index (SPSIINS) reported a moderate decline of 0.09%, while American International Group (AIG) continued its downward momentum last week. AIG dipped 1.7%.

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