The last few months have been brutal—but much more so for some stocks than others. Earlier this year, stock pickers spouted off about the merits of bank stocks. An article in one financial daily said, “Yield-starved investors soon may have another place to reap higher dividends: bank stocks.” That hasn’t exactly played out as expected. A bank exchange-traded fund, SPDR KBW Bank (KBE), is a basket of bank stocks, with JP Morgan Chase, Wells Fargo, Citigroup, U.S. Bancorp, and Bank of America making up over 70% of its holdings. From July 5 through midday Monday, the fund was down a devastating … [Read more...]
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