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.
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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%.