Shares of Bank of America(BAC Quote) rose as much as 8.8% today after the company sold $13.5 billion in stock to shore up its capital, but ProShares Ultra Financials(UYG Quote) investors were rewarded with a loss.
The "shorts" won again. ProShares UltraShort Financials(SKF Quote), designed to rise at twice the pace of banking shares' decline, climbed as much as 3%. ProShares Ultra Financials, which bets on an increase in stock prices, dropped as much as 3.5%.
Bank of America, the country's largest financial institution, is commonly considered a bellwether for the U.S. banking industry. But the company's stock doesn't always move in step with ProShares Ultra Financials. Investors should be wary of using the Charlotte, North Carolina-based firm as a proxy for U.S. banking. Bank of America rose on 14 trading days in the past month, compared with 10 days for ProShares Ultra Financials. Bank of America's stock advanced almost 10% during that time, twice the rate of the ETF's. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,340.15 | 1,099.09 | 2,184.85 | 34.95 |
Oil *
72.47
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DOWN
100.97
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DOWN
10.09
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DOWN
22.06
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DOWN
1.01
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10 Yr
3.50%
SPDR Gold
108.09
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-0.97%
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-0.91%
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-1.00%
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-2.81%
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