Financial sector near to recovery of S&P top spot

By

In a recent report by Reuters, the financial sector may soon be regaining the top spot in the Standard & Poor's 500 (S&P 500). With a current collective worth of US$2.9 trillion, the financial sector index is roughly 30% greater than tech stocks, the next largest group.

In March 2009. the whole financial sector plummeted to about US$510 billion in market value or the combined pre-crisis value of CitiGroup and JP Morgan Chase. Currently, the financial sector's remarkable comeback with US$17 trillion has once again made the industry the US stock market's heaviest hitter.

The financial index now accounts for 16.6% of the entire S&P 500 or at least a percentage less than the technology sector, based on the data from the S&P Dow Jones. With an added 25%, the financial sector may soon overpass the technology sector. And for the first time since March 2008 financials could once again top the S&P's top 10.

Much of the credit of the recent increase in growth goes to the JP Morgan Chase, Wells Fargo, CitiGroup and Bank of America.

Tags
Jpmorgan chase, Wells Fargo, Citigroup, Bank of America

© 2024 VCPOST.com All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics