Amid the strengthening economy, Wells Fargo (WFC, Financial) ended the period higher, benefiting from rising interest rates, consumer credit resilience, and the Federal Reserve clearing banks to resume returning capital to shareholders. Overall, the financials sector benefited from economic optimism, robust capital market activity, and the view that credit issues had peaked.
From the T Rowe Price Equity Income Fund (Trades, Portfolio)'s semiannual 2021 shareholder letter.
