Energy, financials ETFs rally Friday
Exchange-traded funds made up of energy and financial stocks surged Friday morning after an unexpectedly strong U.S. payrolls report. The Financial Select Sector SPDR Fund
XLF,
popped nearly 7% in the first half hour of trading, while the Energy Select Sector SPDR Fund
XLE,
rose nearly 4%. It was the biggest one-day move for XLE in three weeks, which is still down more than 25% in the year to date. XLF is down nearly 15% in that period. Investors are finding value in sectors of the economy that have suffered more under the coronavirus lockdowns, and which are more likely to outperform as the economy recovers sooner than expected, as the jobs report signals.
