MW: Financials rise modestly, B. of A., J.P. Morgan up
By Greg Morcroft, MarketWatch
NEW YORK (MarketWatch) — U.S. financial stocks rose modestly in quiet trading on Friday with all four Dow sector stocks gaining.
J.P. Morgan Chase & Co. JPM +0.12% American Express Co. AXP +0.91% and Travelers Cos. Inc. TRV +0.90% shares were all gaining more than 1% in recent activity, while Bank of America Crop. BAC -0.54% shares were up around 0.3%.
In the broader group, the Financial Select Sector SPDR ETF XLF -0.04% rose 0.9%.
Elsewhere, Transatlantic Holdings, Inc. TRH -2.84% and Allied World Assurance Co. Holdings AG AWH +3.42% on Friday said that they have mutually terminated their previously planned merger agreement.
Transatlantic has agreed to pay Allied World a $35 million termination fee and to reimburse it for $13.3 million in expenses. Transatlantic has also agreed to pay an additional $66.7 million fee if Transatlantic, in the next year, enters into any definitive agreement in respect of any competing transaction.
Transatlantic said it has also set an additional $600 million share buyback plan, $300 million this year and $300 million next year.
The company also said Michael Sapnar, currently its CFO, will become chief executive on January 1, 2012.
Greg Morcroft is MarketWatch's financial editor in New York.
