JP Morgan Leads Bank ETFs as Shareholders Meet
May 17th at 11:41am by John Spence
Bank exchange traded funds were higher Tuesday in the face of a down market, benefitting from a nearly 2% rise in JP Morgan (NYSE: JPM) as the company held its annual shareholder meeting.
Chief Executive Jamie Dimon told shareholders the economy could be at the beginning of a self-sustaining recovery, Reuters reported. The JP Morgan CEO also apologized for mistakes the bank made in handling foreclosures, Bloomberg reported.
SPDR KBW Bank ETF (NYSEArca: KBE) rose 0.5% in recent trading Tuesday. JP Morgan is the top holding at 8.6% of the portfolio.
Financial ETFs held steady Tuesday despite a report that New York Attorney General Eric Schneiderman is investigating mortgage securities packaged by big banks such as Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS). [Bank ETFs Shake Off Mortgage-Securities Probe]
SPDR KBW Bank ETF
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