StreetInsider.com reports that the Financial Select Sector SPDR ETF (XLF) is surging today as investors aggressively buy bank stocks on the heels of the group’s recent bounce.
Midafternoon, the Financial Select Sector SPDR. which tracks all the financial-services companies in the S&P 500 Index, was up 1%, compared to the 0.2% rise in the S&P 500. The ETF had been up as much as 1.2%.
To highlight the level of investors interest, mid afternoon Wednesday, the trading volume in the Financial Select Sector SPDR was 45 million shares, topping the 37 million traded in the SPDR S&P 500 (SPY), normally the most activity traded ETF on the market. On an average day, the SPDR trades 179 million, twice as much as XLF’s 88 million.
Despite normally slow volume during this holiday week, XLF is on pace to top its daily average.