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Economic Recovery Hopes Drive Banks Stocks Higher

May 18, 2021
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Economic Recovery Hopes Drive Banks Stocks Higher

Bank stocks are poised to hit a record year compared with the S&P 500 as investors are betting on the economic recovery to drive prices higher, the WSJ reported.

index performance, year to date
  • The KBW Nasdaq Bank Index is up about 37%, exceeding the S&P 500 which is up 11%.
  • The bank index plunged by nearly 14% and underperformed the S&P 500 by 30 percentage points in 2020.
  • The KBW Nasdaq Regional Banking Index is even higher with a 38% growth so far.
  • Investments in financial stocks have already set a full-year record in less than five months with $32 billion, according to Bank of America strategists.
  • A strategist said investors were enticed into financials after lows recorded in 2020 when stocks were “out of favor and underweight.”
  • Banks are also reaping the benefits of provisions for loan losses amid the COVID-19 pandemic, which have lessened as the economy started to recover.
  • An analyst said financial stocks are still as cheap as they have ever been relative to the market, and investors are still trying to weigh their options.

BKX: Nasdaq is up 0.14%; while KRX: Nasdaq is down 0.0078%.

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