Financial stocks extended losses in premarket trade Friday, after data showing August job growth was less than expected. The SPDR Financial ETF dropped 1.5%, after being down less than 1% right around when the jobs report was released. Among the ETF's most heavily-weighted components, shares of Wells Fargo & Co. fell 1.2%, Berkshire Hathaway Inc. lost 0.8%, J.P. Morgan Chase & Co. gave up 1.2%, Bank of America Corp. declined 0.8% and Citigroup Inc. shed 1.1%. Banks can benefit from higher interest rates, as it increases the spread they earn between what they borrow to fund longer-term loans. The XLF has lost 6.3% over the past three months through Thursday, while the S&P 500 has declined 6.9%.
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