Winners & Losers

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Financial Winners & Losers: Hartford

TSC Staff

Financial stocks were plummeting along with the overall market Monday as traders fled equities to seek safe havens in gold and Treasury bonds.

Recently, the NYSE Financial Sector index was losing 7.6%, and the Amex Securities Broker/Dealer index was off 6.9%. The KBW Bank index was dropping 9.3%.

Throughout the group, the selling was furious, as it was for the broad market. At one point, the Dow Jones Industrial Average had a loss of nearly 800 points.

Among individual stocks, Wachovia (WB Quote), which is being pursued by Citigroup (C Quote) and Wells Fargo (WFC Quote), was down 5.3% at $5.88. Citi fell nearly 7%, and Wells was off almost 5%.

Citi wasn't even the worst financial component of the Dow. That distinction belonged to Bank of America (BAC Quote), which tumbled 9.6%.

American Express (AXP Quote) was lower by 8.6%, and JPMorgan Chase (JPM Quote) was shedding 7.5%.

Hartford Financial (HIG Quote) was one of the session's few winners, climbing nearly 12% after saying it has agreed to a $2.5 billion capital investment from Allianz (AZ Quote). Hartford also said it plans to cut its dividend and that it will probably post a loss in the third quarter.