Powered by

BlackRock is the new king of Wall Street as banks get pummeled

May 21, 2020 - CNN

NEW YORK (CNN Business) -- Most big financial stocks have been decimated this year, but BlackRock, the world's largest asset manager, is thriving. It just might be the new king of Wall Street.

BlackRock shares are up 1% this year. That may not sound fantastic, but eking out a gain of any kind in this environment is notable. The Financial Select Sector SPDR Fund, an exchange-traded fund that owns most of the big bank stocks, has plunged nearly 30% so far in 2020.

The US Federal Reser...