Move aside tech industry, there's a new darling in town.
According to a recent study by Wall Street analysts, the financial industry is set to overtake the technology industry in total profits in the United States.
Almost five years ago, the tech industry consistently gained above the rest of the markets due to the pending collapse of the financial sector. Four years later in 2012, the industry posted a 20$ hold on all the profits recorded by corporations registered in the Standard & Poor's 500 Index.
Fast forward to present time, analysts are seeing dark clouds loom over the industry.
Investments in big names such as Facebook have been dismal since last month. Shares of the most popular social network remained in red levels all throughout the month of June. Analysts said that Facebook failed to follow up on its strong showing. Investors aren't impressed anymore, they said.
"Finance is reclaiming its dominant earnings position in the index, which had been taken over by tech following the 2008 crash," said Sheraz Mian, research director at Zacks Investment Research.
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