MW: leads insures down as financial sector drops again
Shares of insurer Aflac fell 11%, leading insurers down as analysts expressed concerns that insurance firms are too heavily invested in banks. Analysts at UBS downgraded Aflac Monday morning to sell from neutral, and on Friday, Fitch ratings downgraded Aflac too, also concerned about its bank investments. In the broader financial sector, the Financial Select Sector SPDR which tracks the financial stocks in the S&P 500, fell 2.4%. Citigroup shares, which traded under $1 a share for the first time ever last week, were holding just above a dollar on Monday.
