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Exchange-traded funds that track the financial sector jumped on Wednesday, as a strong read on the U.S. labor market helped to solidify expectations that the Federal Reserve would raise interest rates at its coming meeting, a move expected to boost the sector’s profitability. The Financial Select Sector SPDR ETF XLF, +0.57% gained 1.3% and hit its highest level since December 2007.
Exchange-traded funds tied to the financial sector jumped on Wednesday, as expectations grew that the Federal Reserve could raise interest rates at its March meeting. The Financial Select Sector SPDR ETF XLF, +2.65% rose 2.2% in its biggest one-day advance since Nov. 16. The day’s gain also took the fund to its highest level since December 2007, before the worst of the financial crisis was known.
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