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Are Bank Stock Fearmongers Shooting Blanks?
The Reflex, Flex ...
Strength in techs today was impressive, but market players continue to fret about financials. The Philadelphia Stock Exchange/KBW Bank Index fell 2% and is now down 19% from its all-time high on April 27.
The BKX's latest decline was attributed, on the one hand, to another upturn in bond yields and, on the other hand, to a Wall Street Journal article which detailed the "gathering storm" in banks' balance sheets, namely their commercial loan portfolios.
If the Journal says it, it must be so. So let's move on. ...
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