Sector Update: Financial Stocks Gain Pre-Bell Tuesday

Last Updated: Tuesday, September 27, 2022 9:21 AM | MT Newswires

Financial stocks were gaining pre-bell Tuesday with the Select Financial Sector SPDR (XLF) recently climbing past 1%, while the Direxion Daily Financial Bull 3X shares (FAS) ETF was up 3% and its bearish counterpart the Direxion Daily Financial Bear 3X shares (FAZ) was more than 3% lower.

Lakeland Bancorp (LBAI) shares were up nearly 6% after the company and Provident Financial Services (PFS) said they have agreed to combine in an all-stock merger valued at about $1.3 billion.

Royal Bank of Canada (RY) shares were nearly 2% higher after saying it has completed the acquisition of wealth management firm Brewin Dolphin Holdings for about 2.4 billion Canadian dollars ($1.76 billion) on a fully diluted basis.

Goldman Sachs Group (GS) has closed its $9.7 billion private equity fund, West Street Capital Partners VIII, Reuters reported, citing a company statement. Goldman Sachs stock was recently up more than 1%.

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