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Sector Update: Financial Stocks Edge Higher in Wednesday Trading

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Financial stocks were edging higher in early Wednesday trading, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.4%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 0.3% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.3%.

Progressive (PGR) shares were up more than 3% after the company reported that net premiums earned in July were $7.36 billion, compared with $6.99 billion a year earlier.

KKR (KKR) stock was up 2.5% a day after the company and BookMyShow said that funds managed by KKR will acquire a minority stake in the Indian entertainment company.

The European Commission said Wednesday that Morgan Stanley (MS) Infrastructure had been approved to acquire sole control of French companies Nicollin, Societe Mediterraneenne de Nettoiement, Nicollin Holding Environnement, Nicollin Eau and MP3D Groupe. Shares of Morgan Stanley were down less than 1%.

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