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BUZZ-U.S. big banks gain as virus treatment hopes help beaten down sectors

(Writes through, adds comment, updates prices)

** Shares of big U.S. banks rise as COVID-19 treatment hopes see investors pivoting into sectors that have lagged the recovery and were more sensitive to an economic bounceback

** JPMorgan Chase & Co, Citigroup, Wells Fargo , Bank of America and Morgan Stanley rise between 1.3% to 2%, while Goldman Sachs gains about 0.7%

** “This is probably more a rotation into the areas of weakness because of the encouraging implications for the economy based on the coronavirus antibody information” - Sam Stovall, chief investment strategist at CFRA Research in New York

** Stovall notes financials were among the sectors that had performed poorly since the pandemic

** U.S. Food and Drug Administration (FDA) said on Sunday it has approved emergency use of blood plasma for treatment of COVID-19

** Bank stocks have vastly underperformed their broader peers, with the bank index having lost ~35.7% YTD, while the broader S&P 500 index is up ~5.2%, as of Friday’s close (Reporting by Niket Nishant, Ambar Warrick and Devik Jain in Bengaluru)

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