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Regional Bank stocks pulled back after the Fed’s rate hike, but are still gaining ground

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The regional bank sector pared gains in afternoon trading Wednesday, after the Federal Reserved raised its target range for overnight rates by 0.25...

The regional bank sector pared gains in afternoon trading Wednesday, after the Federal Reserved raised its target range for overnight rates by 0.25 percentage points, as expected. The SPDR S&P Regional Banking exchange-traded fund KRE was up 1.7%, but had been up 2.7% just before the Fed’s rate move. On Tuesday, the ETF had tumbled 6.3% to a 2 1/2-year closing low. Among the ETF’s more-active components, shares of PacWest Bancorp PACW rose 3.9%, but was up 6.

edged... The regional bank sector pared gains in afternoon trading Wednesday, after the Federal Reserved raised its target range for overnight rates by 0.25 percentage points, as expected. The SPDR S&P Regional Banking exchange-traded fund KRE was up 1.7%, but had been up 2.7% just before the Fed’s rate move. On Tuesday, the ETF had tumbled 6.3% to a 2 1/2-year closing low. Among the ETF’s more-active components, shares of PacWest Bancorp PACW rose 3.9%, but was up 6.

edged up 0.6%, after being up 1.5% pre-rate move; and of Western Alliance Bancorp WAL tacked on 2.1%, down from a gain of 4.7% after the rate move. In comparison, the S&P 500 SPX was up 0.5% just before the rate move, and is now up 0.3%.

 

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