Financial Sector ETFs Lead Market After J.P. Morgan Earnings Beat

“We saw a significant beat from JPMorgan and that’s helping the psychology of the market,” Art Hogan, chief market strategist at Wunderlich Securities, told Reuters.

J.P. Morgan kicks off the earnings season for U.S. banks and sets the tone for the industry. Looking ahead, Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) will report earnings on Friday while Bank of America Corp. (NYSE: BAC), Goldman Sachs Group Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) are due next week

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Analysts anticipate the industry will post its fourth-straight profit decline in the second quarter after the group posted a 12% decline in profits year-over-year in the first quarter.

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Financial Select Sector SPDR