One sector that has really been doing well in our economy this year has been the banking industry. In the first quarter of this year, FDIC-insured institutions had net income of more than $40 billion. That's an increase of 16 percent over the same period in 2012.
The banking sector's profits have now increased on a year-over-year basis for 15 straight quarters - that's nearly four years. Basically, since the market rebounded in early 2009, the banking industry has been gaining strength. It's widespread, too - half of the 7,000 banks with FDIC insurance reported their earnings had increased last quarter.
For the year, through Friday, the S&P 500 has been very strong, showing an increase of 12.3 percent. But the financial sector within the S&P has been even stronger, rising by 21.3 percent.
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