Bank ETF Rises as Goldman Sachs Meets Shareholders
May 6th 2011 at 9:51am by John Spence
Exchange traded funds that invest in bank stocks were higher Friday after the solid April jobs report but traders will be keeping a close eye on Goldman Sachs (NYSE: GS) shares as the company holds its annual meeting.
Chief Executive Lloyd Blankfein will face shareholder questions over bonuses and a recent Senate panel report that blasted the controversial bank’s conduct during the credit crisis.
“They really do have to reshape the firm and get the message out there that ‘Look, here’s what we’re going to look like going forward,’” said Peter Sorrentino, a senior portfolio manager at Huntington Asset Advisors, Bloomberg reported. “I still think we’re one headline away from this stock getting clobbered.”
SPDR KBW Bank ETF (NYSEArca: KBE) rose nearly 1% in early trading Friday following the better-than-expected nonfarm payrolls report. Goldman shares were flat at last check.
SPDR KBW Bank ETF
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