Financial exchange traded funds enjoyed a reprieve from the recent wave of selling as shares of Bank of America (NYSE: BAC) and Citigroup (NYSE: C) caught a bid after a recent string of losses. Stock ETFs were on a six-day down streak heading into Thursday’s session.

Citi and Bank of America shares both rose more than 1%. Financial ETFs also climbed as investors shook off news that Citigroup 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. [Financial ETFs Steady as Citi, Goldman Endure Negative Headlines]

Broad stock ETFs rose Thursday as investors focused on weekly jobless claims, a lower outlook from Texas Instruments (NYSE: TXN) and any hints on a rate hike from the European Central Bank. [Stock ETFs Eye Losing Streak, Texas Instruments Outlook]

Money flowing out of stock ETFs suggests some investors are scaling back risk as the market flounders in early summer. A closer look at ETF flows “makes more evident that the risk-off trade remains in place,” Deutsche Bank analysts said in a note. “The market couldn’t take it anymore. As more and more disappointing and softer-than-expected U.S. economic data flooded the markets, investors factored in the new environment and pushed the equity markets down the hill,” they wrote. The S&P 500 lost more than 2% last week and has fallen the past six days. [Stock ETF Outflows Point to Risk-Off Trade]

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