Progressive leads financials pullback after loss
7/12/12 9:47 AM ET (MarketWatch)
NEW YORK (MarketWatch) -- Shares of insurer Progressive Corp fell almost 4% on Thursday after the firm reported that its second-quarter profit fell 52% absent large investment gains recorded last year. Despite a moderate rise in net premiums written, the auto and home insurer had seen its profits decline over previous quarters, weighed down by fewer investment gains. In the broader market, the Financial Select Sector SPDR ETF , which tracks the S&P 500's financial stocks, dropped 1.1%. Among the Dow Jones Industrial Average's financial stocks,
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