FITB - Financial stocks especially regional banks power up as Treasury yields climb
With the 10-year Treasury yield jumping 9 bps to 1.40%, financial stocks, especially banks, are seeing their biggest moves since early July. The KBW Nasdaq Bank Index (BKX) climbs 3.7%, its best showing since July 9; the Financial Select Sector SPDR (XLF +2.7%) is also on pace to its biggest gain since that same date, when the 10-year Treasury yield had increased 6 bps to 1.35%. By S&P 500 industry sector, Financials only lags Energy in Thursday trading. The SPDR S&P Regional Banking ETF (KRE +3.8%) slightly outpaces the SPDR S&P Bank ETF (KBE +3.6%). Among the universal banks, Citigroup (C +4.3%) and Bank of America (BAC +4.0%) gain the most. In regionals, Comerica (CMA +5.8%), Regions Financial (RF +5.0%), M&T Bank (MTB +4.9%), and Fifth Third (FITB +4.5%) rise the the most. The three main custodial banks all increase by more than 3% — Bank of New York Mellon (BK
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Financial stocks, especially regional banks, power up as Treasury yields climb