Financial stocks were weaker late Friday with the NYSE Financial Index dropping 0.7% while the SPDR Financial Select Sector ETF (XLF) was off 0.3%. The Philadelphia Housing Index was falling 0.3%.
In company news, Progressive (PGR) was 0.6% lower after it booked a net loss of $0.02 per share in August, compared with net income of $0.83 per share in the same month a year before.
Invesco (IVZ) is in discussions over a potential merger with State Street's (STT) asset-management subsidiary, according to media reports, sending Invesco's shares 5% higher, while State Street was down over 3%.
Mitsubishi UFJ Financial Group (MUFG) was nearly 1% lower after Bloomberg reported that it is considering selling its US banking unit MUFG Union Bank.
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