Yesterday, the Financial sector ended its historic 13 day losing streak as the markets rebounded from a rough week, despite consistently solid economic data. Clearly, investors have been focused on Bank weakness and heightened fear of a trade war with China. Despite the recent fear of weakness in the banks, after the close yesterday, the Fed released their stress test results and the results were better than expected. The nation’s four largest banks announced that they would increase their dividends and stock buybacks by more than $110 billion combined, and the Financials rose in post-market trading after these announcements.
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