Financial Stocks Keep Markets From Coming Unglued
This morning, all of the leading financial stocks are catching a bid higher. This move in the financial stocks comes despite the sharp sell off in the overnight trading session in the futures market. The most important financial stock that any trader can follow is J.P. Morgan Chase & Co (NYSE:JPM). Today, JPM stock is trading higher by 0.25 cents to $42.00 a share. It should be known by almost every trader and investor by now that JPM is a stock that should be treated as a stock market barometer. The stock will likely have intra-day resistance around the $42.30 area.
Some of the other leading financial stocks that are trading in positive territory today include Bank of America Corp (NYSE:BAC), Goldman Sachs Group, Inc. (NYSE:GS), and Wells Fargo & Company (NYSE:WFC). As long as these leading stocks hold up today it is very hard to see the major stock indexes trade sharply lower. The financial sector accounts for roughly 14 percent of the S&P 500 Index.