Market Dips: Buy These 3 Banking Stocks
Zacks Investment Research | May 18, 2017 01:23AM ET
All the major U.S. indices – S&P 500, the Dow Jones Industrial Average (DJIA) and NASDAQ – closed significantly lower on Wednesday as the latest news from Washington made investors apprehensive. Both S&P and DJIA declined roughly 1.8% (their biggest fall since Sep 2016), while the NASDAQ declined over 2.5% (its worst trading session since last June).
The news from Washington about President Donald Trump interfering with a federal probe along with calls for independent investigation related to probable collusion between his election campaign and Russia jolted investors.
These matters create uncertainty about Trump's ability to deliver on proposed tax and banking sector reforms, and infrastructure spending. With banks expected to be one of the biggest beneficiaries from these changes, banking stocks took a major hit. The Financial Select Sector SPDR Fund Zacks Investment Research
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