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Expand chart
Data: FactSet; Chart: Axios Visuals

The S&P 500 hit a curious milestone earlier this month: Less than 10% of its market capitalization was made up of financial services companies. That ratio was as high as 22% in 2007, before the 2008 financial crisis.

Why it matters: This is not a financial crisis. America's banks are well capitalized, the Fed has restored liquidity to the markets, and trust in the financial sector is hitting new highs. Still, banks are severely underperforming the stock-market recovery.

The financial companies in the S&P 500 include all the major banks, as well as other giant companies like Berkshire Hathaway, BlackRock, and American Express.

  • Together, they're worth some $2.4 trillion — but that's only 10% of the $24 trillion market cap of the S&P 500 as a whole.

By the numbers: An update to Edelman's trust barometer shows 65% of Americans saying that they trust their country's banks. That's up from 54% at the end of last year and 42% at the end of 2012.

Go deeper: Big banks trade profits for coronavirus insurance

Go deeper

Dion Rabouin, author of Markets
Aug 19, 2020 - Economy & Business

Investors still don't believe the stock market's rally can last

Illustration: Aïda Amer/Axios

The S&P 500 closed at a new all-time high on Tuesday and has rallied by around 52% since hitting its low point on March 23 — the best run the index has ever had in such a short time.

The state of play: While the market has continued to rise for the past five months, most investors have been incredulous about the sustainability of gains.

S&P 500 closes at record high for first time since pandemic began

Source: FactSet; Chart: Axios Visuals

The S&P 500 closed at a new high on Tuesday for the first time since February, before the coronavirus pandemic was declared.

Why it matters: It’s among the fastest-ever recoveries on record and comes as millions of Americans remain out of work during one of the worst economic downturns in U.S. history.

Poll: School reopening plans will factor into voting decisions

Data: Murmuration/Morning Consult national tracking poll; Chart: Danielle Alberti/Axios

Candidates' positions on reopening schools could affect how people vote in November, according to new poll results from a Morning Consult/Murmuration national survey of 2,200 voters.

Details: 34% of adults said they would be much less likely to support a candidate for local office who pushed for schools to open for in-person learning in the fall, and 25% said they'd be much more likely to support a candidate who backed online-only learning.