ETFs that buy bank stocks rally after jobs report, Wells Fargo jumps
Shares of exchange-traded funds that hold bank stocks were rising sharply on Friday, as investors assessed a strong U.S. jobs report released before the opening bell.
The Invesco KBW Bank ETF was up 1.4%, while the SPDR S&P Regional Banking ETF climbed 1.2% and the SPDR S&P Bank ETF rallied 1.1%, FactSet data show, at last check. Those sharp gains exceeded the S&P 500’s 0.4% rise Friday morning.
Shares of major Wall Street banks were up, with Wells Fargo & Co. jumping 2.7%, while Morgan Stanley climbed 2.4% and JPMorgan Chase & Co. (JPM) advanced 1.6%, according to Factset data, at last check. Bank of America was up 1.1%, while Citigroup gained 1% and Goldman Sachs Group Inc. rose 0.2% in Friday morning trade.