Financials In-line With Broader Market
08-Jan-13 12:00 ET
[BRIEFING.COM] The S&P 500 continues to trade near its recent levels as the index trades lower by 0.5%.
Financial stocks began the year on a strong note, and the SPDR Financial Select Sector ETF (XLF 16.91, -0.10) climbed to a fresh 52-week high. Today, the financial sector ETF proxy is lower by 0.6% as it trades in-line with the broader market. Among the majors, Bank of America (BAC 11.98, -0.12) is the biggest laggard, down 1.0%. The weakness comes despite positive comments from RBC Capital Markets. The investment bank raised its target for BAC shares to $14 after the bank sold its mortgage servicing rights and agreed to a settlement with Fannie Mae.