Banks Climb, REITs Fall as Traders Eye Higher Rates
The Federal Reserve's statement and change in guidance is a bit more hawkish than many market watchers anticipated. This is giving the financial sector, especially banks, a boost, since lenders tend to benefit from higher (but not too high) long-term borrowing costs.
On the flip-side, the prospect of higher rates is pummeling real estate-related stocks. All 19 REITs in the S&P 500 are trading lower.
Here's a look:
S&P 500 Bank Stocks Bounce
S&P 500 REITs Tumble