Financial Stocks Seesaw Back To Losses After Fed Rate Hike Announcement

By Tomi Kilgore Markets MarketWatch Pulse

Financial stocks seesawed back into a negative territory Wednesday, erasing a brief spike higher after the Federal Reserve's rate-hike announcement. The SPDR Financial Select Sector ETF was down 0.3% just before the Fed announcement, then rose as much as 1.1% minutes after the announcement, before selling off to be down 0.4% in afternoon trade. Among the ETF's most heavily-weighted components, Bank of America Corp.'s stock was up 1.1% pre-Fed, then was up as much as 3.1% post-Fed before paring gains to be up just 0.6%. Citigroup Inc.'s stock fell 0.3%, after running up as much as 1.7% post Fed; J.P. Morgan Chase & Co. shares pared a 1.6% post-Fed gain to be up just 0.1%; Goldman Sachs Group Inc.'s stock was up 0.6%, after climbing 1.9% post Fed. Meanwhile, the S&P 500 slipped 0.4%, after peeking into positive territory minutes after the Fed.

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