The Financial Select Sector SPDR (NYSE: XLF) is down 4.6 percent year-to-date, good for one of the worst showings among the sector SPDR exchange traded funds, but give XLF some credit. That ETF and rival bank-heavy funds have recently been rebounding.
Over the past month, XLF is up more than 8 percent. Last week, XLF gained nearly 2 percent even with the Federal Reserve opting to keep interest rates on hold while revealing two rate hikes are likely this year, down from the four increases many market participants were betting on entering 2016.
There is another catalyst with the potential to lift XLF and rival financial services ETFs: Increased share repurchase programs from some of the big-name firms found in these ETFs. For example, Bank of America Corp (NYSE: BAC) recently added $800 million ...
/www.benzinga.com/trading-ideas/long-ideas/16/03/7737148/a-sector-etf-for-share-buybacks alt=A Sector ETF For Share Buybacks>Full story available on Benzinga.com
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