(Bloomberg) -- Financial stocks took a leg up after news that the Federal Reserve’s toughest watchdog on the industry resigned.

The Financial Select Sector SPDR ETF gained as much as 0.6% on Friday after Federal Reserve Governor Daniel Tarullo announced he will retire on or around April 5. Tarullo, who started his term a week after Barack Obama took office, also served as the central bank’s top regulator of Wall Street banks. The 64-year-old’s stint as governor wasn’t due to expire until 2022.

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