NEW YORK (TheStreet) -- Genworth Financial (GNW) was among the strongest performers in the financial sector Monday as shares rose more than 4% on above-average volumes during a relatively slow trading session.
Shares of Genworth close 4.47% higher at $11.92 on volumes of 10.85 million shares compared to a three month trailing daily average of 9.29 million shares.
The higher-than-average volumes for shares of the life and mortgage insurer came as many other financial stocks changed hands relatively infrequently. Bank of America (BAC), for example, saw less than 75 million shares trade on Monday, compared to an average of nearly 131 million. Bank of America shares finished the day higher by 0.54% at $12.93.
Financial stocks as a group were flat to slightly higher as exemplified by Financial Select Sector SPDR (XLF), a popular financial sector exchange traded fund, rising 0.10% on volumes of about 46 million, compared to a 54 million daily average over the past three months. Shares of Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS) and Wells Fargo (WFC) were all up by less than 1%, while JPMorgan Chase shares finished the day down slightly.The Institute for Supply Manufacturing index in June rose to 50.9 vs. 49.0 in May and a 50.5 forecast, according to a report from CRT Capital Markets. CRT analysts noted, however, that the employment component of the report fell to 48.7 from 50.1, marking its lowest total since September 2009. Construction spending in May, increased, meanwhile, though slightly less than forecast. U.S. treasuries were essentially unchanged on lower-than-average volumes, according to CRT. -- Written by Dan Freed in New York. Follow @dan_freed
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