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Sector Update: Financial

Financial stocks rebounded Wednesday after the Federal Reserve today indicated it will keep interest rates near 0% over the near term, with the NYSE Financial Sector Index rising 0.4% and the S&P Financial 100 Index climbing 0.5%.

In company news, Arthur J. Gallagher & Co. ( AJG ) was higher in late trading and the insurance brokerage company today announcing it has acquired Hagedorn & Co., a New York-based retail broker providing property and casualty insurance, risk management, group benefits and related services for commercial and individual clients.

Financial terms of the transaction were not disclosed.

Once the deal closes, the Hagedorn unit will continue to operate from its offices in New York and White Plains, N.Y., led by its current chief executive officer, Daniel Gabel, and his management team under the direction of Douglas Brown, AJG's regional chief for the northeastern United States.

AJG shares were up about 0.1% at $45.49 each just ahead of the closing bell, rebounding from a mid-afternoon slump after reporting its latest acquisition. The stock has traded within a 52-week range of $42.97 to $49.46 a share, climbing about 2.5% over the past 12 months through Tuesday's close.

In other sector news,

(+) XL, Repays $600 mln in principal amount of its 5.25% senior notes due 2014 at maturity.

(-) BGCP, Begins taking Made Available to Trade USD Interest Rate Swap transactions through its swap-execution facility unit. Traiana Credit Line is preforming pre-trade credit checking and central clearing delivered by LCH.Clearnet and CME Clearing.

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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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