Boston, MA 08/05/2013 (wallstreetpr) – Select Sector Financial Slct Str SPDR Fd (NYSEARCA:XLF) closed in the previous trading session at $20.81 after going down by $0.01 (or 0.05%). It marked the day’s high at $20.83 and the day’s low at $20.74.
Select Sector Financial Slct Str SPDR Fd is a popular exchange traded fund that focuses exclusively on financial stocks. The company evidenced that the financial stocks, more broadly, were mixed. The funds were down at the previous trading session. The July non-farm payroll figures was a little softer than expected. 0.18 Million jobs were expected to be added but the actual figure turned out to be 0.16 million jobs. This may be a part of the reason why the stocks of this company were weak.
The economist at Deutsche Bank wrote that the report of the company may be weak but not enough to delay their expectations of the tapering of quantitative easing in September by the Federal Reserve.
Though the stocks of the company were weak in the last trading session, the company is up nearly 27%, this year alone. The company has rallied on its earnings growth and its revenue.
There has been news that the largest ETF of the world, SPDR S&P 500, allocated 17.54% of its weight to the technology sector while it offered 16.79% of its weight to the financial services when the market closed on 26 July. But still, this sector is facing some serious competition with the financial services. The Select Sector Financial Slct Str SPDR Fd is the second best performer among the 9 sector SPDR ETFs. The first one is Health Care Select Sector SPDR. The Financial Select Sector SPDR is up 25.9%, about two and a half times the 10.6% profit which is offered by the Technology Select Sector SPDR.
