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    Wednesday, November 18, 2009

    Financials Rise, Besting Broader Market

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    By Greg Morcroft
    MarketWatch Pulse
       

      NEW YORK -- Shares of U.S. financial stocks posted modest gains in early trade on Wednesday, outperforming the broader market as housing starts, a key economic indicator, fell in October. New construction on U.S. housing units fell 10.6% to a seasonally adjusted annual rate of 529,000, the lowest level since April. It was the biggest percentage decline in starts since January. The Financial Select Sector SPDR , which tracks the financial stocks in the S&P 500, added 0.4%. Asset managers T. Rowe Price , Charles Schwab and Legg Mason were among the top decliner. Student lender Sallie Mae , bond insurer MBIA and Bank of America topped gainers.

      Copyright © 2009 MarketWatch, Inc.

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