The financial sector was the worst performing of 11 main segments of the S&P 500 last week, falling off 3.5%., which contributed to a 1.8% decline for IWD, or double that of IWF.

“There’s that visceral reaction that sends investors to value, and then there’s a rethinking of that,” Kristina Hooper, chief global market strategist at Invesco Ltd., told Bloomberg. “You may see investors move some of that money to other places, factoring in, for example, that financials may not look like a strong opportunity in the near term.”

Nevertheless, the value style did hold up or at least did not do as poorly as the other areas. Over the past three months, IWD fell 10.1% while IWF dropped 13.6% and IWB decreased 11.9%.

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