635908133730530898-AP-FINANCIAL-MARKETS-WALL-STREET-79578966Bank stocks take investors to the cleaners

 

This is a usatoday.com article.

 

It’s no surprise energy stocks are in a world of hurt — that’s what happens when oil is this cheap. But seeing bank stocks fall apart is the latest chapter in the unfolding sell-off, and a much scarier one.

The Financial Select Sector SPDR Trust (XLF), an exchange-traded fund that tracks the performance of the financial stocks in the Standard & Poor’s 500, is down 19% over the past year, says S&P Global Market Intelligence, very nearly falling into a 20% bear market. The average financial stock in the S&P 500 is now down 17% — just this year. Trouble in the financial sector is a big worry since financials account for 15% of the value of the S&P 500, compared with just 6.6% held by energy, says S&P Global.

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