NEW YORK (
) -- Financial stocks were mixed on Tuesday as investors waiting to hear more details from the
on its plan to buy $600 billion in bonds in order to boost the economy.
Financial Select Sector SPDR
was trading sideways on Tuesday. The exchange-traded fund which tracks the financial sector was recently up marginally to $15.75.
shares surged as much as 8%, setting a new intraday 52-week-high share price of $52.45. Based on that price, the stock is now more than double its low of $21.54 set in February of this year.
have been benefiting since its announcement last week that it agreed to a revised bailout repayment plan, in which the insurer would use proceeds from asset sales to repay the Fed, while the U.S. Treasury Department will exchange its preferred stock for common equity, much like it did with
At last check, AIG's stock was rising 5.9% to $51.37 with nearly 12 million shares traded.
Shares of large cap regional banks
Fifth Third Bancorp
continued its descent on Tuesday, down 3% to $6.46. The Columbus, Ohio-based bank announced on Monday that it would raise roughly $1.2 billion, mainly through a common stock offering in order to repurchase preferred stock through Treasury's Troubled Asset Relief Program (TARP).
Large-cap regional bank stocks including
Marshall & Ilsley
also continued to decline on Tuesday. The three banks are among banks still holding TARP funds that will likely need to raise substantial capital.
shares were all falling at last check.
-- Written by Laurie Kulikowski in New York.
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