Hedge funds pile into banks ahead of earnings

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SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWireNEW YORK - Hedge funds bought U.S. stocks in all sectors last week, but mainly in financials, Bank of America said in a report on Tuesday.

Hedge funds bought over $300 million in shares in the financial sector last week, when Wall Street's biggest banks started releasing third-quarter earnings. On Friday, shares in JPMorgan Chase and Wells Fargo rose after their quarterly profits beat analysts' estimates with help from higher interest rates. Citigroup, however, lost steam and ended the day slightly down.

On Tuesday, shares of Bank of America rose after it beat estimates on interest payments and trading. Goldman Sachs also topped estimates, but shares fell.The bank added that, besides buying stocks in all 12 tracked sectors, hedge funds added mid and large caps to their portfolios, while selling small caps.

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