Financial Winners & Losers: Hartford
With new signs emerging about the sluggishness spreading through the
and traders steering clear of equities ahead of the House of Representatives' upcoming vote on the
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 Report
sank 15% to $40.96,
Travelers
(TRV) - Get Report
fell 6% to $40.47, and
Hartford
(HIG) - Get Report
plunged 32% to $25.91.
Among banks,
Citigroup
(C) - Get Report
lost 2.2%, and
Bank of America
(BAC) - Get Report
shed 4.6%.
Goldman Sachs
(GS) - Get Report
and
Morgan Stanley
(MS) - Get Report
were also weaker.
JPMorgan Chase
(JPM) - Get Report
avoided the selloff, tacking on 1.2%.
Wachovia
(WB) - Get Report
, whose banking operations are being sold to JPMorgan, advanced 10% to $3.91.
BB&T
(BBT) - Get Report
and
Wells Fargo
(WFC) - Get Report
surrendered more than 4%.
This article was written by a staff member of TheStreet.com.
