Bank Stocks Lead U.S. Stock ETF Bounce

U.S. equities and stock exchange traded funds popped Wednesday, with financial stocks leading a broad market rally.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca:SPY), iShares Core S&P 500 ETF (NYSEArca:IVV) and Vanguard 500 Index (NYSEArca:VOO), were 0.9% higher Wednesday.

Leading the charge Wednesday, financial companies in the S&P 500 increased 1.6% as the yield between five-year notes and 30-year bonds steepened after dipping to their lowest level since late 2007, reports Tanya Agrawal for Reuters.

Further adding to the positive turn, Technology companies in the S&P 500 also gained 1.1% and were testing their short-term 50-day simple moving average. Tech stocks have come under fire as the extended bull run raised questions over lofty valuations, especially in growth-oriented technology names that have led the post-election Trump rally.