Financial ETFs Steady as Citi, Goldman Endure Negative Headlines
June 9th 2011 at 9:24am by John Spence
Financial exchange traded funds were a bit higher early Thursday as investors reacted to news that Citigroup (NYSE: C) suffered a security breach affecting its credit card customers, while The Wall Street Journal reported Goldman Sachs (NYSE: GS) and other financial firms are being probed over dealings with Libya’s sovereign wealth fund.
Financial Select Sector SPDR Fund (NYSEArca: XLF) is down about 7% this year as the ETF’s bank holdings have been pummeled by weaker economic data and credit worries.
U.S. securities regulators are examining whether Goldman and other firms may have violated bribery laws in their relationships with the Libyan Investment Authority, the WSJ reported.
Also Thursday, Citigroup confirmed hackersgained access to some card accounts, according to reports.
Goldman and Citi shares were both slightly higher Thursday morning.
Financial Select Sector SPDR Fund
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.