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Insurance sector also taking a beating as bank stocks keep selling off MarketWatch Insurance sector also taking a beating as bank stocks keep selling off Tomi Kilgore MarketWatch The crisis of investors confidence in banks has spilled over to the insurance sector, which has taken a beating in the past week. The SPDR S&P Insurance exchange-traded fund (KIE) slid 3.2% in morning trading toward a five-month low, and has tumbled 9.9% over the past seven sessions, since the troubles of SVB Financial Group's(SIVB) Silicon Valley Bank became public. SVB's bankruptcy filing on Friday showed the sector's woes aren't over despite efforts to soothe fears. Within the SPDR insurance ETF, shares of Lincoln National Corp. (LNC) slid 7.2% on Friday, and have tumbled 29.9% the past seven days, and shares of Brighthouse Financial Inc. (BHF) have sunk 24.5% and of Genworth Financial Inc. (GNW) have slumped 19.7% the past seven days. Travelers Companies Inc.'s stock (TRV), which is also a Dow Jones Industrial Average component, has dropped 6.7% the past seven days. |
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