M&T Bank
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MTB
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$187.75
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-1.77%
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$190.42
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$190.50
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$185.72
Fri, October 4, 2024 | 3:10PM ET
Today's move in the banks is particularly impressive. S&P Banks index is higher by 2.3% and we're seeing Triangle breakouts by the Equal-weighted Financials ETF (RSPF-2.57% ) This is very important and positive to the US Stock market in the short run and stocks like DFS-3.54% COF-2.69% SYF-3.07% and MTB-1.77% are all making really significant gains today, technically speaking. Financials and Discretionary are the two top performing sectors today, but its the banks that are a standout and the economic strength coinciding with rates rising has been helpful to this sector today. Today's move puts Financials in the spotlight for the weeks ahead, and i expect some good relative strength out of this sector. Financials as a sector remains a Technical overweight.
