Financial-sector exchange traded funds (ETFs) followed the major stock indicators higher Wednesday even though Wells Fargo (NYSE: WFC) shares slipped after the bank announced first-quarter earnings.
Financial Select Sector SPDR Fund (NYSEArca: XLF) was up more than 1% in preopen trading while Wells Fargo was in the red after the banking giant and Warren Buffett stock favorite reported higher quarterly profit but said revenue declined.
Financial ETFs rose fractionally Tuesday as investors dissected earnings from Goldman Sachs (NYSE: GS).
Banks have trailed the market in 2011 on worries they could face more regulatory actions after the credit crisis. Economists cutting back their growth forecasts hasn’t helped the sector either.
Financial Select Sector SPDR Fund is flat year to date, while the S&P 500 is up about 5%.
Financial Select Sector SPDR Fund
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