Wednesday, October 28, 2015

Financial stocks fly at the end of the day

Any portfolio with a concentration in financials must have sent its managers home early today as a reward.  After the Fed apparently indicated that December would be a day of reckoning for any interest rate increase decision, at around 2:30pm many banks jumped, carrying the rest of the financials with them, and eventually most of the market.  As a few notable examples, among large banks Bank of America was up 5.4%, Citibank 4%, JP Morgan 3%, and Goldman Sachs 3%, while many smaller banks really popped, among those followed here Pennsylvania based CUBI up 4.3% and Colorado based FIBK 6.1%.

The other notable big stock rise was in technology, by market cap leader Apple, up 4% based on their earnings report but while the rest of technology rose, it was more or less a normal day. Among indexes followed here, small caps outperformed the S&P by 2 to 1, somewhat of a relief as the extended market has been under pressure in recent months.

With a tendency to follow financials here, it was something to smile about before tonight's Republican debate and the simultaneously broadcast Mets/Royals World Series game.

Will either bring this type of satisfaction?

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