NEW YORK ( TheStreet) -- Financial stocks firmly led into the black on Tuesday, fueled by M&A.
The Financial Select Sector SPDR (XLF) rose 1.6% to $15.79.
TD Bank (TD) agreed to acquire Chrysler Financial from Cerberus Capital Management for $6.3 billion. The bank is looking opportunistically for further deals in the U.S.However, it was regional bank stocks that stood out. The Keefe Bruyette & Woods Regional Bank Index (KRE) was up 2.6% at last check, to $25.94. Winners in the sector included Boston Private Holdings (BPRH), Associated Ban-corp (ASBC), Astoria Financial (AF), Cardinal Financial (CFNL) and East West Bancorp (EWBC). Webster Financial (WBS) shares were rising 1.4% to $18.74 after the Northeast regional bank priced a common stock offering of 6.63 million shares at $18 a pop. The proceeds will be used to repurchase preferred shares held by the U.S. Treasury Department under the Troubled Asset Relief Program. Webster follows in the footsteps of other regional banks in recent days looking to get out from the government's grasp including Huntington Bancshares (HBAN) and First Horizon (FHN). Financial losers of the day included MasterCard (MA), down 1.7% to $219.83 and BankAtlantic Bancorp (BBX) , down 12% to $1.07. -- Written by Laurie Kulikowski in New York. To contact the writer of this article, click here: Laurie Kulikowski. To submit a news tip, send an email to: email@example.com.
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