Bank shares fall on capital-raising plans (ETF: XLF)

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May 11, 2009 10:09am NYSE:XLF

fedbankBOSTON (MarketWatch) — The U.S. financial sector opened to the downside Monday after several banks announced common-stock offerings designed to help pay back the funds they’ve borrowed from the government under its rescue plan.

The Financial Select Sector SPDR Fund (XLF), a widely followed barometer of financial stocks, was down 3% in early trading.
 
Also weighing on the sector Monday was a report that several banks won concessions from the Federal Reserve during the government’s stress tests, the results of which were released last week

Full Story: http://www.marketwatch.com/news/story/banks-plans-sell-stock-hurt/story.aspx?guid=%7BD56E2362%2D6E94%2D4FD7%2D840C%2D0F70B259EB87%7D&siteid=yhoof



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