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Sector Update: Moderate Gains for Financial Stocks Today; China HGS Jumps After Landing $1.3 Bln Contract

Top Financial Stocks

JPM +0.09%

BAC +0.39%

WFC -0.03%

C +0.12%

USB -0.33%

Financial stocks were mostly higher today with the NYSE Financial Sector Index rising about 0.4% and the S&P Financial 100 Index also climbing about 0.4%.

In company news, China HGS ( HGSH ) rose sharply Monday after the real estate developer was hired by local government officials to rebuild two large-scale shanty areas in Hanzhong City with a combined budget of at least $1.3 billion.

HGSH shares were up more than 21% at $3.84 apiece, earlier rising to a session high of $4.15 a share. The stock has traded within a 52-week range of $2.10 to $8.84 a share, sinking about 54.5% over the past 12 months.

In other sector news,

(+) DRL, (+14.8%) Puerto Rico Treasury Department agrees to court-supervised settlement discussions over the bank's claims for $230 mln in back taxes within 10 business days of Aug. 8.

(-) Z, (-3.1%) Weekend Barron's article argues against the company's proposed $3.5 bln buyout of rival real estate website Trulia ( TRLA ).

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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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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