Strength in banking giant Citigroup (NYSE: C) and an upbeat April employment report lifted financial exchange traded funds by more than 1% on Friday as the sector tries to catch up with the market.
Financial Select Sector SPDR Fund (NYSEArca: XLF) added 1.1% in a bid to rally above its 50-day moving average, a closely watched technical indictor. Citi shares also rose about 1% — the stock accounts for nearly 7% of the $1.7 billion ETF and ranks as the fourth-largest holding.
“Citigroup could move along the financial sector, if the sector catches a bid on a strong jobs report,” TradersHuddle.com said before the employment data crossed.
The financial ETF was about flat for the year as of Thursday’s close while the S&P 500 rose about 7%.
Financial Select Sector SPDR Fund
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