U.S. flags hang at the New York Stock Exchange. Photo: Reuters, Andrew Kelly
U.S. flags hang at the New York Stock Exchange. Photo: Reuters, Andrew Kelly
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Banks were down 3% at the New York open

And they should be

March 27, 2017 10:09 PM (UTC+8)

The fluffiest parts of the Trump trade are getting hammered. The S&P bank ETF (ticker KBE) was down about 3% at the New York open.

Banks can’t make money and are becoming less relevant to the US economy. There’s no reason for banks to trade at valuations comparable to 2007.

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