Discover knocks wind out of financial sector

U.S. financial stocks fell for a fifth day on Tuesday, with Discover Financial Services plunging more than 10% after it announced a $500 million public stock offering.

The benchmark exchange-traded fund, Financial Select Sector SPRD Fund /quotes/comstock/13*!xlf/quotes/nls/xlf (XLF 11.42, -0.06, -0.52%) , was down 0.5% to 11.43.

After the close Monday Discover Financial Services /quotes/comstock/13*!dfs/quotes/nls/dfs (DFS 9.40, -1.10, -10.48%) said that it's selling new common stock to raise $500 million that the credit-card company may use to repay some of the money it got from the U.S. government. See full story.

Discover shares were down nearly 11% to $9.36 a share in morning trade Tuesday.

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- Posted: 2009-07-07 10:27:56

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