Thursday, February 25, 2021

Bank stocks look to escape U.S. financial-crisis legacy

U.S. bank stocks are finally poised to put a legacy of the 2008 financial crisis behind them. The KBW Bank Index on Wednesday came within 1.1% of breaking a record set in February 2007, before a housing-market collapse touched off the crisis, according to data compiled by Bloomberg. The industry gauge has risen 22.5% in February, which would be its biggest-ever monthly gain, and has more than doubled since falling to an almost seven-year low in March. To be sure, banks are among the past 14 years’ worst performers in the S&P 500 Index, which rose 169% through Wednesday from its level at the KBW index’s peak.

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