Financial ETFs: Fitch Downgrades Bank of America, Citigroup

An exchange traded fund tracking the U.S. financial sector pared its preopen gains Friday after Fitch Ratings downgraded the debt ratings of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS). Fitch cut seven large banks overall in the U.S. and Europe, saying lenders are...