Financial Sector Sinks More Than 4%

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December 4, 2018 2:39pm ETF BASIC NEWS

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From MT Newswires:

Top Financial Stocks

JPM -3.97%

BAC -5.59%

WFC -4.38%

C -5.03%

USB -2.99%

Financial stocks were tumbling in afternoon trading, including a 2.9% drop for the NYSE Financial Index, while shares of financial companies in the S&P 500 were falling 4%. The Philadelphia Housing Index was falling 3.4% .

Among financial stocks moving on news:

(-) Bank Of Montreal ( BMO ) dropped 3% amid a tumble in financial shares. The company reported better-than-expected fiscal Q4 results and raised its quarterly dividend.

In other sector news:

(-) UDR ( UDR ) slipped almost 2% on Tuesday after pricing a $300 million public offering of 7.15 million shares of its common stock. The real estate investment trust expects to use the net proceeds for asset acquisitions and general working capital.

(-) Bank OZK ( OZK ) retreated Tuesday, sinking 10% after Piper Jaffray cut its investment recommendation on the Arkansas-based bank holding company to neutral from overweight and also slashed its price target on the company’s stock by $21 to $31 a share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The Invesco Dow Jones Industrial Average Dividend ETF (DJD) was trading at $35.83 per share on Tuesday afternoon, down $0.69 (-1.89%). Year-to-date, DJD has gained 5.47%, versus a 2.66% rise in the benchmark S&P 500 index during the same period.

DJD currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #66 of 82 ETFs in the Large Cap Value ETFs category.

This article is brought to you courtesy of NASDAQ.

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