Stock ETFs Jump on Bank Rebound, Rescue Fund
October 18th 2011 at 3:49pm by John Spence
SPDR Dow Jones Industrial Average (NYSEArca: DIA) was up nearly 2% on Tuesday as stocks were led higher by the banking sector and reports that Europe’s bailout fund may be increased.
Financial Select Sector SPDR (NYSEArca: XLF) soared 5% following quarterly earnings from Goldman Sachs (NYSE: GS) and JP Morgan (NYSE: JPM).
Technical analysts have been looking for improvement in the beleaguered banking sector for proof that the market is firming up after the summer sell-off. [Financial ETFs]
The Guardian reported France and Germany have reached a deal to increase the Eurozone rescue fund before a weekend summit.
The news boosted ETFs that track the euro. CurrencyShares Euro Trust (NYSEArca: FXE) rose 0.4%.
Financial Select Sector SPDR
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