Financial stocks got an early boost Friday, as a stronger-than-expected government jobs report (Bank of America Corp. (BAC) rallied 1.2%, compared with a pre-data gain of 0.3%; J.P. Morgan Chase & Co. (JPM) hiked up 0.8% vs. a pre-data gain of 0.3%; Citigroup (C) was unchanged pre-data, but was recently up 0.8%; Wells Fargo & Co. (WFC) jumped 1.1%, after being unchanged just before the data. The yield on the 10-year Treasury note rose 2.6 basis points to 1.717%. Higher longer-term yields can increase what banks earn from funding longer-term assets, like loans, with shorter-term liabilities.) helped drive up Treasury yields. The SPDR Financial Select Sector ETF (XLF) rose 0.7% in premarket trading, after being unchanged just before the jobs data was released. Meanwhile, futures for the Dow Jones Industrial Average rose 111 points. Among some of the financial ETF's more heavily weighted components, shares of
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 01, 2019 08:57 ET (12:57 GMT)
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