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National Western Life in $1.9 Billion Deal With Prosperity Life Affiliate, Financial Sector Sees Gains

Published 09/10/2023, 21:42
© Reuters.

The financial sector witnessed a surge on Monday, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (NYSEARCA:XLF) recording increases. The Philadelphia Housing Index and the Real Estate Select Sector SPDR Fund (NYSEARCA:XLRE) also saw gains. In contrast, Bitcoin and 10-year US Treasury yields experienced a decline.

In a major move within the insurance sector, National Western Life agreed to a $1.9 billion all-cash deal with S. USA Life Insurance, an affiliate of Prosperity Life. This agreement led to a significant rise in National Western Life's share price on Monday.

The geopolitical situation in Israel prompted Goldman Sachs, JPMorgan, and Morgan Stanley to issue remote work directives to their Israel-based employees. This decision came over the weekend following recent attacks in the region, as reported by Bloomberg.

Despite these positive trends within the financial sector, not all companies shared in the upward momentum. Applied Digital reported improved fiscal Q1 results but saw its share price drop on Monday. The specific reasons for this decline were not immediately clear from the context provided.

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