After closing at a new multi-year low on Monday, stocks rallied through the rest of the week on the back of reassuring remarks from bankers and administration officials.
The broad market ETF SPDR S&P 500 (SPY) closed the week at $76.09, up 12% from Monday’s low of $68.11.
Financials led the rally, with the Financial Select SPDR Fund (XLF)finishing the week up 31% from Monday’s close. Citigroup started things off, jumping 38% after saying that it was profitable in the first two months of the year. JP Morgan and Bank of America then affirmed profitability in the first two months. The government reinforced the rally with a slightly positive retail sales report for February.