NEW YORK (TheStreet) -- Financial stocks rallied Tuesday on positive economic data. The Financial Select Sector SPDR (XLF), a widely-followed exchange traded fund that tracks financial services stocks was up 20 cents, to $14.23.
Meanwhile, Citigroup's (C) stock was up four cents to $3.90 after a judge said she wasn't ready to approve Citi's $75 million settlement with the SEC for allegedly failing to disclose $40 billion in subprime-related holdings to shareholders.
The PMI Group's (PMI) shares were up 16%, to $3.01, after John Paulson disclosed that he added a stake in the company.Losers of the day include Fannie Mae (FNMA) and Freddie Mac (FMCC). Fannie Mae was down 1.7%, to 36 cents a share, while Freddie Mac was down 2.13%, to 39 cents a share, as the debate raged over the future of the government's role in housing markets. It was also a bad day for Hallmark Financial (HALL). Shares were down 59 cents, to $8.89, after a research note said that underwriting results were responsible for an operating loss for the insurer last quarter. --Written by Maria Woehr in New York.
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