Financial exchange traded funds lost more than 1% in Monday’s selling as the sector ETFs fell to their 200-day moving average, a key test of support.
Financial ETFs were hit by weakness in large-cap banks – Citigroup (NYSE: C) fell 2.1%, Bank of America (NYSE: BAC) dropped 1.4% and JP Morgan (NYSE: JPM) shed 1.3%. Fresh concerns over the Eurozone debt crisis weighed on bank stocks Monday.
Financial Select Sector SPDR Fund (NYSEArca: XLF) hasn’t traded below its 200-day moving average since late 2010.
Financial Select Sector SPDR Fund
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