Lincoln, MetLife Fall as Fed Extends Rate Pledge: New York Mover
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Lincoln National Corp. and MetLife Inc. led insurers lower after investors bet they’ll struggle to maintain bond-portfolio income as the Federal Reserve said its benchmark interest rate will stay low until at least late 2014.
MetLife, the largest U.S. life insurer, dropped 96 cents, or 2.6 percent, to $35.95 at 4:01 p.m. in New York trading. Radnor, Pennsylvania-based Lincoln slipped 4 percent.