Best Insurance Stock - Travelers stock prices rally today : Shares of Travelers Cos. rallied on Tuesday after the insurance company reported quarterly earnings that exceeded Wall Street’s expectations.
The Financial Select Sector SPDR Fund XLF +0.41% , which tracks the performance of financial stocks in the S&P 500 SPX -0.28% , traded marginally higher in midmorning trade. The broader U.S. stock market declined after data showed a decline in sales of existing homes in December. The S&P 500 slipped 0.3% to 1,481.
The Financial Select Sector SPDR Fund XLF +0.41% , which tracks the performance of financial stocks in the S&P 500 SPX -0.28% , traded marginally higher in midmorning trade. The broader U.S. stock market declined after data showed a decline in sales of existing homes in December. The S&P 500 slipped 0.3% to 1,481.
Travelers TRV +2.63% was the top gainer among S&P 500 financial stocks and the biggest gainer in the blue-chip Dow Jones Industrial Average DJIA +0.12% , with its shares up nearly 3%. The insurer said its fourth-quarter profit slumped 51% as it racked up millions in claims from Hurricane Sandy, which hit the Northeastern U.S. in November. Still, the results were better than expected. See: Travelers fourth-quarter profit down 51% after Sandy. Another insurer, Allstate Corp. ALL +1.76% , gained 1.8%.
State Street Corp. STT +3.36% shares rose 2.6% after the investment manager was upgraded to neutral from underweight at J.P. Morgan Chase, which said that the company’s new cost-savings program is expected to offset its lower net interest margin, In the banking sector, shares of Regions Financial Corp. RF +4.58% rose 1.5% after the lender swung to a fourth-quarter profit, source : http://www.marketwatch.com