Financial Stocks Are Waiting for Cues
Markets’ winning streak continues
The S&P 500 Index (SPX-INDEX) (SPY) continued its winning streak last week and reported eight consecutive weeks of gains. The index rose 0.26% week-over-week. Similarly, the Dow Jones Industrial Average (DJI-INDEX) (DIA) rose 0.45% and closed at 23,539, while the NASDAQ Composite (COMP-INDEX) reported gains of 0.94%. The gains in the market were mainly led by the spurt in technology stocks.
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Morgan Stanley was the biggest loser
Even as the benchmark indices are making new highs, the S&P 500 Financials Index took a breather and fell 0.11%. Goldman Sachs (GS) and Wells Fargo (WFC) were the biggest movers with a gain of 1.2% and 0.86%, respectively. The other major gainers included U.S. Bancorp (USB) and Citibank (C). They rose 0.39% and 0.24%, respectively.
The S&P Insurance Select Industry Index (SPSIINS) fell 0.45%. AIG (AIG), which reported weaker results than analysts’ expectations for the latest quarter, fell 3.95% to $62.00.