Financial Winners & Losers: Hartford

Insurers were hard hit after Senate Majority Leader Harry Reid said a well-known insurance company could be near bankruptcy. His comments were later retracted.

Author:
TSC Staff
Publish date:
Oct 2, 2008 5:31 PM EDT

Insurers were hard hit after Senate Majority Leader Harry Reid said a well-known insurance company could be near bankruptcy. His comments were later retracted.

With new signs emerging about the sluggishness spreading through the

economy

and traders steering clear of equities ahead of the House of Representatives' upcoming vote on the

bailout

proposal, financial stocks sold off Thursday.

The KBW Bank Index lost 3.2%, and the NYSE Financial Sector index fell 4.5%. The Amex Securities Broker/Dealer index was worse by 5.2%.

Insurers were particularly hard hit after Senate Majority Leader Harry Reid (D-Nev.), said a well-known insurance company could be near bankruptcy. His comments were later retracted.

Still, stocks in the group were hit hard.

MetLife

(MET) - Get Free Report

sank 15% to $40.96,

Travelers

(TRV) - Get Free Report

fell 6% to $40.47, and

Hartford

(HIG) - Get Free Report

plunged 32% to $25.91.

Among banks,

Citigroup