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.
sank 15% to $40.96,
fell 6% to $40.47, and
plunged 32% to $25.91.
lost 2.2%, and
Bank of America
were also weaker.
avoided the selloff, tacking on 1.2%.
, whose banking operations are being sold to JPMorgan, advanced 10% to $3.91.
surrendered more than 4%.
This article was written by a staff member of TheStreet.com.