Bank ETFs jump as Fed allows buybacks

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Exchange-traded funds linked to financial stocks were among the best performers of the session midday Monday, the first trading day after the Federal Reserve loosened restrictions on big banks to allow them to buy back some of their stock. The Financial Select Sector SPDR Fund was up 0.9%, making it the only fund tracking one of the 11 sectors of the S&P 500 in positive territory. The Invesco KBW Bank ETF was 0.7% higher, and the Vanguard Financials ETF gained 0.6%. The bank-focused funds have surged over the past month, along with bond yields and the yield curve, which measures the difference between short- and longer-dated bonds. The SPDR fund has gained 5.4% over the past month, while the Invesco fund is up 7% in that time. That compares to a 3.5% increase for the S&P 500 .
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