Regional Bank ETF Reflects Cautious Optimism
The ETF advanced 1.2% on Wednesday morning, more than twice the Dow Jones Industrial Average
- Written by Banking Exchange staff
Regional banks have made headline news throughout the month of March, with Wall Street raising concerns over contagion.
However, the SPDR S&P Regional Banking ETF showed signs on Wednesday that some of Wall Street’s experts might think the worst is behind the sector.
The ETF advanced 1.2% on Wednesday morning, more than twice the Dow Jones Industrial Average.
Additionally, larger banks advanced across the board including America’s largest banks such as Citigroup.
On Tuesday, the markets started out strong but fizzled out with concerns that interest rates could hurt the economy despite continued optimism about the broader banking sector.
Several analysts expressed optimism on Wednesday that Silicon Valley Bank’s woes might be the end of the any major bank worries for 2023.
All eyes, however, are still on interest rate fluctuations.
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