The Financial Select Sector SPDR (XLF) rose more than 5.7% on Monday, May 10, to beat the performance of the S&P 500 and the Dow.
The Financial Select Sector SPDR (XLF) rose more than 5.7% to 15.96 on above-average volume Monday, as the markets reacting warmly to news of a $1 trillion rescue plan for the euro.
The financial sector’s rebound topped that of the S&P 500, which increased about 4.4% to 1,159, and the Dow Jones Industrial Average, which rose about 3.9% to end the day at 10,787.
The highest performers of the day included the European banks, such as Barclays (BCS), Deutsche Bank (DB) and UBS (UBS) – they rose roughly 18%, 11% and 8% respectively.
Insurers and retirement specialists did well, too. Assured Guaranty (AGO) and Genworth Financial (GNW) both ticked up nearly 13%, while Prudential Financial about 7%.