Financial exchange traded funds were fractionally lower Wednesday morning along with shares of key components Citigroup (NYSE: C) and Bank of America (NYSE: BAC).
Financial Select Sector SPDR Fund (NYSEArca: XLF) slipped 0.2% while Citi and Bank of America both shed nearly 1%.
The financial ETF was trading below $15 a share, down from its high of $17.20 set in February.
Bank stocks fell sharply along with the overall market late Tuesday after Fed chief Ben Bernanke didn’t offer any hints of additional stimulus after the central bank’s bond-buying program expires later this month.
Noted analyst Meredith Whitney in a CNBC appearance Wednesday said the “easy money” for banks has already been made on government stimulus and releasing reserves. She said Wall Street firms are “frustrated” by lower lending activity and trading volumes. The companies may have to consider their expense structures and aren’t justified in blaming their problems on new regulations, she added.
Financial Select Sector SPDR Fund
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