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US financial stocks trade higher on Monday after Trump drops tariffs on Mexican imports

  • US financial stocks gained on Monday after Trump backtracks over tariffs on Mexican imports
  • SPDR Financial Select Sector ETF gains 1.1%
  • Goldman Sachs up 2.5%, JPMorgan up 1.5%

Financial stocks in the United States traded higher on a wide front today after news that Donald Trump decided not to slap tariffs on Mexican imports started a market rally.

The SPDR Financial Select Sector ETF (XLF) surged by 1.1%, with 63 of its 67 components showing price increases. Some of the best performers included Goldman Sachs Group Inc. (NYSE: GS, +2.5%) and JPMorgan (NYSE: JPM, +1.5%).

The Dow Jones strengthened by 0.6% or 148 points and the returns on 20-year Treasury notes increased to 2.129%, i.e. a 4.5 basis point rise.