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Big banks have been frequent market leaders of late, and today they’re at it again.
Financials are up sharply today, rising 1.5% as of 3 p.m. ET. Goldman Sachs (NYSE: GS) has been the biggest riser, gaining 3% today. Bank of America (NYSE: BAC) (+2.5%) and Citigroup (NYSE: C) (+2.3%) weren’t far behind.
Not surprisingly, good news for the banks has been (more) good news for the markets. The S&P 500 has advanced another 0.9% and appears on its way to closing at yet another record high. The Dow Jones Industrial Average, meanwhile, has added close to 100 points and is also on the brink of a new high.
Big banks have led the way during this furious rally. The Financial Select Sector SPDR (XLF) has risen 15% in 2013 as stocks have advanced 12%.
For all the talk about the market pulling back, as long as the big banks continue their recovery, stocks will likely ride their coattails.