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Sector Update: Financial

Financial stocks were slightly lower Tuesday with the NYSE Financial Sector Index falling 0.1% and the S&P Financial 100 Index declining about 0.2%.

In company news, MetLife ( MET ) climbed to a new 52-week high on Tuesday after the insurer announced plans to repurchase up to $1 billion of its common shares.

The stock buyback is a first for the company since 2008.

MET shares were ahead 0.8% at $55.12 each, earlier advancing to a new 52-week high of $55.27 a share.

In other sector news,

(+) TCPC, Expands its revolving credit facility with Deutsche Bank AG by 33% to 200 mln. The 4-year loan package also includes an accordion feature growing to $250 mln with an interest rate of LIBOR plus 2.5%.

(-) CACC, Reports 3.9% rise in consumer loan unit volume during the two months ended May 31 compared with year-ago levels. The lender reported a 14.3% year over year increase in Q1 and an 8.4% gain during the three months ended June 30, 2013.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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