Financial and insurance exchange traded funds followed American International Group (NYSE: AIG) lower Wednesday after the company priced a stock offering at $29 a share as it raised nearly $9 billion.
AIG shares were down nearly 4%. The insurance giant’s share offering allowed the U.S. Treasury to sell off some of the stake in AIG it took in the credit bail-out.
Financial Select Sector SPDR Fund (NYSEArca: XLF) and SPDR KBW Insurance ETF (NYSEArca: KIE) slipped fractionally.
The financial ETF has dropped below its 200-day moving average.
Financial Select Sector SPDR Fund
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