An exchange-traded fund that invests in regional bank stocks is continuing to recover from a bruising fall earlier in 2023.
An exchange-traded fund that invests in regional bank stocks is continuing to recover from a bruising fall earlier in 2023, with July setting up to be its biggest monthly gain since 2016.
Regional... An exchange-traded fund that invests in regional bank stocks is continuing to recover from a bruising fall earlier in 2023, with July setting up to be its biggest monthly gain since 2016. Regional bank stocks were battered earlier in 2023 after the sudden collapse of Silicon Valley Bank. The failure sparked concern over potential bank runs elsewhere in the regional banking system, with the Federal Reserve swooping to quell those fears in March with an emergency lending program.
The recovery picked up steam in July after banks this month reported their latest quarterly earnings and the S&P 500 extended its rally amid a resilient U.S. economy. The Invesco KBW Bank ETF KBWB , a fund providing broad exposure to the U.S. banking market, and the SPDR S&P Bank ETF KBE , which tracks an equal-weighted index of banking equities, have also soared this month.Shares of the Invesco KBW Bank ETF have sunk 11.7% so far in 2023, while the SPDR S&P Bank ETF has slid 7.
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