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Financials closed out the week flat (0.02%) after a second straight down week for the Dow. Volume was extremely light last week with about 6.93 million shares traded versus last year’s 9.65 million average. Insurance names led the sector finishing 0.50%, as AIG headlines have been positive, as they get all their ducks in a row. Banking stocks lagged the broader market this week with the BKX (2.5%). While July master trust data highlighted a continued improvement in credit quality, it failed to offer any meaningful support. Although the Fed's Survey indicated that banks had eased lending conditions over the past three months, lending continued to contract as overall loan demand remained at depressed levels. M&A has been the buzz of late but the financial sector has yet to make a big impact.
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