Bank Stocks Rebound Above 200-Day Average As Earnings Propel Dip Buyers

Wall Street kicked off the week with a rally in financial stocks, fueled by upbeat bank earnings and renewed risk appetite following Donald Trump's surprise decision to exempt new tariffs on critical tech products from China.

The Financial Select Sector SPDR Fund (NYSE:XLF) climbed 1.6% to $47.42 by 10:10 a.m. ET, breaking above its 200-day moving average for the first time since November 2023—a move often seen by traders as a potential bullish signal.

The sector needs to climb another 4% to fully recover the losses it incurred after the April 2 tariff announcement.

See Also: Goldman Sachs Cheers China Tariff Exemptions, Lifts Earnings Forecasts For Apple, Dell, HP

Goldman Sachs Delivers A Strong Beat

The improved sentiment in financial sector's rally was led by Goldman Sachs Group Inc. (NYSE:GS), which rose 1.1% after reporting robust quarterly results that beat Wall Street expectations on both revenue and profit.

For the first quarter of fiscal 2025, Goldman posted earnings per share of $14.12, up from $11.58 a year ago and well ahead of the $14.761 billion revenue ...

https://www.benzinga.com/economics/macro-economic-events/25/04/44791485/bank-stocks-rebound-above-200-day-average-as-earnings-propel-dip-buyers