Diamonds and Dogs
Banks are having a good day. Western Alliance (WAL) is up 12% after saying their deposits have increased by more than $2 billion since the end of the first quarter. The SPDR S&P Regional Bank ETF (KRE) is up 7.2%, bolstered by short-covering activity. Other bank stocks are outperforming in sympathy, driving a 6.0% gain in the SPDR S&P Bank ETF (KBE)
Defensive drug stocks are lower today. Merck (MRK), Pfizer (PFE) and Bristol Myers (BMY) are lower by a percent or so as investors avoid the drug sector and buy up the tech and bank stocks.
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