October 16, 2024

Bank ETFs climb sharply Wednesday, surpassing S&P 500’s modest rise

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Exchange-traded funds that hold bank stocks were climbing sharply Wednesday, exceeding the S&P 500’s modest gain in morning trade.

The SPDR S&P Bank ETF was up 1.9% Wednesday morning, while the SPDR S&P Regional Banking ETF rallied 2.1% and the Invesco KBW Bank ETF jumped 2.4%, according to FactSet data, at last check. The S&P 500 was up a slight 0.1% in morning trade.

The ETFs were rallying in the wake of banks rolling out their latest quarterly earnings reports, including Morgan Stanley.

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