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


The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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