State Street Corporation (NYSE:STT) Gains On Back Of Banking Stock Rally

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Dallas, Texas 02/10/2014 (FINANCIALSTRENDS) The S&P 500 index tracked $30.22 billion market capped Asset Management firm State Street Corporation(NYSE:STT) scripted a smart 3.5 percent upward rally at the markets on 7th February on the back of larger rally in the U.S banking stock on the day. In comparison, the financial sector index went up by 0.58 percent while the broader S&P 500 went up by 1.33 percent during the day.

This across the board rally witnessed on Friday was on the back of mixed employment statistics released by the Bureau of Labor Statistics on 7th February.  The report indicated that the nonfarm payrolls in U.S went up by 113,000 during the first month of 2014. It is interesting to note that the actual new job creation figures for January’14 were well short of the analyst estimates of 189,000 for the same month and the 2013 new employment creation average of 194,000 per month.

In related news, State Street Corporation (NYSE:STT) announced on 8th February, that it has opened an office in Shanghai with the goal of providing investment and wealth management services to the huge number of company’s strategic hedge fund clients who are committing more investments into China.

Commenting about the new development, State Street Corporation (NYSE:STT) senior Managing director Carol Hall has been quoted to have said that, “We expect the growth of China’s foreign reserves and the increasing appeal of global asset allocation will support our growth plans. Over the long-term, we would like to continue expanding our business in the region in accordance with our clients’ needs and Chinese regulations.”

State Street Corporation (NYSE:STT) is not a new entrant into the Chinese market space. It had started a tech centre in Hangzhou way back in 2008 and had expanded its Beijing branch in 2011. It had also entered into a liaison with local player Zhongrong International Trust Co Ltd in 2013.