A trader works on the floor of the New York Stock Exchange. Photo: AFP/Bryan R Smith
A trader works on the floor of the New York Stock Exchange. Photo: AFP/Bryan R Smith

The top four stocks in the S&P 100 are Citigroup, Bank of America, Morgan Stanley and US Bancorp.

It’s less a risk-on trade than a risk-hedge-off trade: the sources of systemic vulnerability dried up with the elimination of the Le Pen threat in France.