Bank stocks rebounded in the market on Friday, following a lackluster performance in the previous month. The positive momentum was ignited by a robust August jobs report. Notably, the KBW Nasdaq Bank Index (+1.13%), the Financial Select Sector SPDR ETF (+0.71%), and the SPDR S&P Regional Banking ETF (+1.23%) all showcased gains. These figures exceeded the 0.4% rise of the S&P 500 and the 0.5% gain by the Dow Jones Industrial Average.
Individual Stock Movements
Several individual bank stocks also displayed notable increases on Friday:
- JPMorgan Chase & Co. (+0.40%)
- Bank of America Corp. (+0.96%)
- Goldman Sachs Group Inc. (+0.16%)
- Citigroup (+0.81%)
- Morgan Stanley (+0.69%)
- Wells Fargo & Co. (+1.14%)
During the month of August, bank stocks experienced a decline. Noteworthy losses were seen in Bank of America (-10.4%), JPMorgan Chase (-7.4%), Citigroup (-13.4%), Wells Fargo (-10.6%), Goldman Sachs (-7.9%), and Morgan Stanley (-7%).
Performance of Key Indexes and ETFs
The KBW Nasdaq Bank Index dropped by 8.8% in August, while the SPDR S&P Regional Banking ETF fell 8.5% and the Financial Select Sector SPDR ETF experienced a 2.7% decline. In comparison, the S&P 500 experienced a 1.7% decrease during the same period.
Despite the challenges faced in August, bank stocks are now showing promising signs as investors respond positively to the recent surge in job growth.
