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Friday, November 06, 2009
AIG, Jobless Spike Weigh On Financial Sector
By Greg Morcroft
MarketWatch Pulse
NEW YORK - U.S. financial stocks fell on Friday after concern about sluggish business at American International Group [s ; aig] started a selloff, and then news that unemployment jumped past 10% to its highest level in 26 years cast a darker shadow over the sector. Government-backed AIG on Friday reported its second consecutive quarterly profit after big gains on assets it owns, but it said its main insurance operations were lackluster and its shares fell 8%. The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.In the broad financial sector, shares of the Financial Select Sector SPDR ETF , which tracks the financial stocks in the S&P 500, fell 1.5%.
Copyright © 2009 MarketWatch, Inc.
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