Frightened? Not Financial Stocks

Warnings of a plot against financial targets didn't scare investors: Some stocks, such as Citigroup, actually gained

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August 3, 2004 at 4:00 AM UTC

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By Amey Stone

To say that investors in Citigroup (C ) and Prudential Financial (PRU ) took the latest terrorism warnings in stride would be putting it mildly. Although they and other financial stocks opened weak the morning of Aug. 2, they rallied throughout the day. Citigroup actually gained 23 cents, to close at $44.32. Prudential made it back to $46.10, a 46 cent loss on a day in which it got as low as $45.52. In fact, most indices of financial stocks, such as Standard & Poor's Financial Select Sector SPDR Fund (XLF ), traded higher for the day. XLF was up 6 cents, to $28.70.