Bank stocks gain after jobs report in rebound from August losses

Bank stocks outpaced the broad market into positive territory on Friday as a healthy August jobs report sparked buying in the sector after a weak performance last month. The KBW Nasdaq Bank Index
BKX,
+1.41%
rose by 1.2%, the Financial Select Sector SPDR ETF
XLF,
+1.08%
rose 0.7% and the SPDR S&P Regional Banking ETF
KRE,
+2.11%
rose 1.7%. The three indexes were running ahead of a 0.4% rise by the S&P 500
SPX,
+0.35%
and a 0.5% gain by the Dow Jones Industrial Average
DJIA,
+0.50%.
Among individual stocks, JPMorgan Chase & Co.
JPM,
+1.09%
rose by 0.4%, Bank of America Corp.
BAC,
+1.27%
rose 1.5%, Goldman Sachs Group Inc.
GS,
+0.31%
rose 0.4%, Citigroup
C,
+0.64%
rose 0.9%, Morgan Stanley
MS,
+1.09%
moved up 1% and Wells Fargo & Co.
WFC,
+1.48%
rose by 1.1%. In August, Bank of America lost 10.4%, JPMorgan Chase fell 7.4%, Citigroup fell 13.4%, Wells Fargo dropped 10.6%, Goldman Sachs dropped by 7.9% and Morgan Stanley moved lower by 7%. The KBW Nasdaq Bank Index dropped 8.8% in August, while the SPDR S&P Regional Banking ETF fell 8.5% and the Financial Select Sector SPDR ETF dropped 2.7%. The S&P 500 was down 1.7% in August.