Sector Update: Financial Stocks Advance Tuesday Afternoon
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Financial stocks advanced on Tuesday, with the NYSE Financial Index up 0.3% and the State Street Financial Select Sector SPDR ETF rising 0.6%. The Philadelphia Housing Index also gained 0.3%. In corporate news, TPG announced a $500 million investment in Jackson Financial, while AIG's CEO will step down, causing shares to drop 6.8%. KKR is bidding for TPG's XCL Education. Economic indicators showed slow growth in the US services sector, with the purchasing managers' index falling to 52.5 in December.
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