After a whirlwind of a week, U.S. equities ended in positive territory today, rebounding after yesterday’s severe sell off, but fell short of cinching a gain on the week. Ironically, bank stocks led markets higher after Moody’s announced its long-anticipated downgrade of several global banks. Whether it be a “relief rally” or the case of ”buying on bad news”, markets obviously took a breather from yesterday’s bombardment of bearish global economic data: the Dow Jones Industrial Average managed a 0.5% uptick, while the S&P 500 rose 0.7% and Nasdaq came out on top with its 1.2% gain [see also 101 ETF Lessons Every Financial Advisor Should Learn]. Moody’s announcement today was no surprise to investors, some even considered it a necessity in order for markets to be able to properly value the banks. Of the more than a dozen banks affected, five of the largest U.S. banks were downgraded by several notches, impacting [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: PBW Pops On Optimism, VXX Cools Off Daily ETF Roundup: PBW Rises With Optimism, VXX Turns Lower Daily ETF Roundup: VXX Jumps On Uncertainty, PBW Sinks With Profit Taking Daily ETF Roundup: VXX Surges Nearly 10% On Market Woes, PBW Dips On Obama Speech Daily ETF Roundup: VXX Rises On Jobs Uncertainty, PBW Tumbles After Solyndra Bankruptcy
After a whirlwind of a week, U.S. equities ended in positive territory today, rebounding after yesterday’s severe sell off, but fell short of cinching a gain on the week. Ironically, bank stocks led markets higher after Moody’s announced its long-anticipated downgrade of several global banks. Whether it be a “relief rally” or the case of ”buying on bad news”, markets obviously took a breather from yesterday’s bombardment of bearish global economic data: the Dow Jones Industrial Average managed a 0.5% uptick, while the S&P 500 rose 0.7% and Nasdaq came out on top with its 1.2% gain [see also 101 ETF Lessons Every Financial Advisor Should Learn]. Moody’s announcement today was no surprise to investors, some even considered it a necessity in order for markets to be able to properly value the banks. Of the more than a dozen banks affected, five of the largest U.S. banks were downgraded by several notches, impacting [...]
Click here to read the original article on ETFdb.com.
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