Bank stocks support S&P in technology stumble–but why are financials rallying here?
The Standard & Poor’s 500 was off 0.04% today. That’s a remarkably good performance given the rout in technology stocks. The Technology Select Sector SPDR ETF (XLK) was down 2.21%. If not for bank stocks, the entire market would have been sent reeling today. But bank stocks shouldn’t be rallying on a flattening yield curve. What’s up?
