Financial stocks were posting strong gains Monday with the NYSE
Financial Sector Index rising 1.1% and the S&P Financial 100
Index adding nearly 1.0% this afternoon.
In company news, shares of property and casualty insurer The
Travelers Companies (
) rose 1% this afternoon following an upgrade to Neutral from Sell
by analysts at Guggenheim.
Guggenheim analyst Jijan Moazami previously dropped his
investment rating to Sell last October, with the stock slipping
about 2.4% since that time through Friday's close at $83.99 a
The stock was up about 1% at $84.81 each in late trade, earlier
climbing to a session high of $85.00 a share.
In other sector news,
(+) RCKB, Secures last of the necessary regulatory approvals for
its proposed merger with United Financial Bancorp (
), with the Massachusetts Board of Bank Incorporation signing off
on the $369 mln stock swap.
(+) BRE, Shareholders late Friday approve proposed $4.3 bln
merger with Essex Property Trust (
), whose shareholders also sign off on the proposed deal.
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