It’s the financials baby!
Big finance had a pretty miserable, laggy 2010, but late in the year the banks started catching a bid as the fundamentals of the economy showed clear improvement, the yield curve steepened, and loan growth finally stopped bleeding.
And that’s the story with less than one trading day in the books in 2011. Financials are rallying. The XLF ETF is up over 2%, Goldman is up over 2%, and Bank of America is up 6%, thanks to its putback agreement with the GSEs.
Some others: Citigroup is up over 3%, Wells Fargo is up over 1.8%, and Morgan Stanley is rallying 3.77%.
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