Exxon aloneoutweighs bank index
Bloomberg
The total market capitalization of the KBW Bank Index’s two dozen stocks dropped below the value of Exxon Mobil, the world’s largest oil company, during the past week, according to data compiled by Bloomberg. The chart begins in October 2002, the start of last bull market in U.S. stocks.Companies in the KBW index have lost about $1 trillion in market value since February 2007, when it climbed to a record 121.06. At Thursday’s close of 27.31, the industry benchmark was 77 percent below its peak.
"The overall influence upon equity indexes continues to diminish" as financial stocks tumble, Michael Shaoul, chief executive officer of Oscar Gruss & Son, wrote last week in an e-mail that made the Exxon Mobil comparison.
Financials stocks’ weight in the Standard & Poor’s 500 Index fell by almost half during the 12 months ended Jan. 20. Exxon Mobil was valued at $403.2 billion as of Thursday, when the market value of the KBW index’s companies amounted to $363.6 billion.