: Schwab stock outpaces financial stock rebound
The KBW Nasdaq Bank Index BKX was up 0.7% on Wednesday, on pace to snap a seven-day losing streak, according to Dow Jones Market Data. Charles Schwab SCHW was up 2.2% as it boosted the sector. Schwab on Tuesday filed plans to raise $2.35 billion in debt by offering $1.35 billion in 6.136% fixed-to-floating rate senior notes due 2034, as well as $1 billion in 5.875% fixed rate senior notes due 2026. Deutsche Bank reiterated a buy rating on Schwab and said stock losses by Schwab on Tuesday were sparked by the debt offering, but said the drop presented a buying opportunity. Among other financial stocks, Bank of America Corp. BAC fell 0.2%, while JPMorgan Chase & Co. JPM moved up by 0.3% and Goldman Sachs Group Inc. GS added 0.6%. The Financial Select Sector SPDR Fund XLF rose 0.5% and the SPDR Regional Banking ETF KRE rose 1.3%.
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