Banks are outperforming the market on better employment data and improved balance sheets. The bank ETF is up 24.8% the past three months, compared with a 14.5% gain for the S&P 500, according to Morningstar. Banks were the market’s unloved sector last year as the sector ETF lost 22%.
Shares of Bank of America (NYSE: BAC), which passed the stress test, rose 4% Wednesday morning to near $9 a share. The stock is the second-largest holding in the bank ETF.
SPDR S&P Bank ETF
