: Bank stocks gain after jobs report in rebound from August losses


Bank stocks outpaced the broad market into positive territory on Friday as a healthy August jobs report sparked buying in the sector after a weak performance last month. The KBW Nasdaq Bank Index BKX, +1.07% rose by 1.2%, the Financial Select Sector SPDR ETF XLF, +0.90% rose 0.7% and the SPDR S&P Regional Banking ETF KRE, +2.38% rose 1.7%. The three indexes were running ahead of a 0.4% rise by the S&P 500 SPX, +0.18% and a 0.5% gain by the Dow Jones Industrial Average DJIA, +0.33%. Among individual stocks, JPMorgan Chase & Co. JPM, +0.33% rose by 0.4%, Bank of America Corp. BAC, +1.08% rose 1.5%, Goldman Sachs Group Inc. GS, -0.09% rose 0.4%, Citigroup C, +0.73% rose 0.9%, Morgan Stanley MS, +0.70% moved up 1% and Wells Fargo & Co. WFC, +0.87% rose by 1.1%. In August, Bank of America lost 10.4%, JPMorgan Chase fell 7.4%, Citigroup fell 13.4%, Wells Fargo dropped 10.6%, Goldman Sachs dropped by 7.9% and Morgan Stanley moved lower by 7%. The KBW Nasdaq Bank Index dropped 8.8% in August, while the SPDR S&P Regional Banking ETF fell 8.5% and the Financial Select Sector SPDR ETF dropped 2.7%. The S&P 500 was down 1.7% in August.

This article was originally published by Marketwatch.com. Read the original article here.

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