Bank Index Hits an 8-Month High, Up 153% from March

Aug.23.09 | About: SPDR S&P (KBE)

The KBW Bank Sector (BKX) Index is a capitalization-weighted index composed of 24 geographically diverse stocks representing national money center banks and leading regional institutions including Bank of America (NYSE:BAC), Citigroup (NYSE:C), Comerica (NYSE:CMA), JP Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), etc.

The KBW Index closed Friday at an 8-month high of 47.12, the highest close since early December 2008. From the bottom in early March, the KBW Index is up by a whopping 153% (see chart above). Yet another sign that the U.S. financial sector is healing, and another sign of general economic recovery taking place in the U.S. economy and financial markets.