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Aug. 11, 2020, 12:26 p.m. EDT

Financial ETFs surge as investors bet on left-behind sectors

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By Andrea Riquier

Financial sector ETFs outperformed Tuesday as investors rotated away from pricier technology stocks in favor of sectors that haven't participated in the months-long rally from the March lows. The Fidelity MSCI Financials Index exchange-traded fund /zigman2/quotes/207745856/composite FNCL +1.16% and the Financial Select Sector SPDR Fund /zigman2/quotes/209660484/composite XLF +1.03% were both up just over 2% at midday, topping the 0.4% gain for the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.60% . So far in August, both funds have notched their best monthly gain since April, following declines of more than 20% in the March market sell-off. Financial ETFs were boosted Tuesday by gains in shares of J.P.Morgan Chase Inc. /zigman2/quotes/205971034/composite JPM +0.87% and Regions Financial Corporation /zigman2/quotes/202396577/composite RF +2.23% , both among the day's biggest gainers, up nearly 5%, and by a jump in the yield of the 10-year U.S. Treasury note .

/zigman2/quotes/207745856/composite
US : U.S.: NYSE Arca
$ 33.04
+0.38 +1.16%
Volume: 156,048
Sept. 25, 2020 4:00p
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 23.49
+0.24 +1.03%
Volume: 46.03M
Sept. 25, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,298.46
+51.87 +1.60%
Volume: 2.18B
Sept. 25, 2020 5:06p
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 93.47
+0.81 +0.87%
Volume: 13.29M
Sept. 25, 2020 4:00p
P/E Ratio
12.59
Dividend Yield
3.85%
Market Cap
$284.86 billion
Rev. per Employee
$497,647
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/zigman2/quotes/202396577/composite
US : U.S.: NYSE
$ 11.00
+0.24 +2.23%
Volume: 6.62M
Sept. 25, 2020 4:00p
P/E Ratio
16.56
Dividend Yield
5.64%
Market Cap
$10.56 billion
Rev. per Employee
$320,096
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