Investors are hoping a recent Bank of America mortgage settlement will lift some of the uncertainty dogging the stock, which is down nearly 20% year to date and weighing on financial ETFs. [Will Mortgage Settlement, Card Fees Revive Financial ETFs?]
“While we’re not pleased to see losses continue at [Bank of America], we think the settlement, along with the other announced charges, is a yet another much-needed step toward putting many of the company’s past mistakes behind it,” Morningstar’s Jim Sinegal said in an analyst note on the company.
Financial Select Sector SPDR Fund
Chart source: StockCharts.com.