Financial sector near to recovery of S&P top spot
In a recent report by Reuters, the financial sector may soon be regaining the top spot in the Standard & Poor's 500 (S&P 500). With a current collective worth of US$2.9 trillion, the financial sector index is roughly 30% greater than tech stocks, the next largest group.
In March 2009. the whole financial sector plummeted to about US$510 billion in market value or the combined pre-crisis value of CitiGroup and JP Morgan Chase. Currently, the financial sector's remarkable comeback with US$17 trillion has once again made the industry the US stock market's heaviest hitter.
The financial index now accounts for 16.6% of the entire S&P 500 or at least a percentage less than the technology sector, based on the data from the S&P Dow Jones. With an added 25%, the financial sector may soon overpass the technology sector. And for the first time since March 2008 financials could once again top the S&P's top 10.
Much of the credit of the recent increase in growth goes to the JP Morgan Chase, Wells Fargo, CitiGroup and Bank of America.
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