Bank ETFs skyrocket Wednesday afternoon to surpass S&P 500’s gain

Exchange-traded funds that hold bank stocks were posting huge gains Wednesday afternoon, as investors assessed the results of the U.S. election.

SPDR S&P Bank ETF was up 11.4%, while the SPDR S&P Regional Banking ETF surged 12.8% and the Invesco KBW Bank ETF jumped 10.3%, according to FactSet data, at last check. The ETFs were massively outperforming the S&P 500’s sharp gain of 2.3% in afternoon trading.