Financial Stocks Gain

Financial stocks pared some of their prior gains but continue to outpace other sectors this afternoon, with the NYSE Financial Sector Index over 0.6% while financial companies in the S&P 500 Index are adding more than 0.7% in value. In company news, ACRE Realty Investors (AIII) fell to a record low on Tuesday, dropping almost 28% to a worst-ever 80 cents a share after today deciding to dissolve and liquidate the real estate investment trust and distribute the remaining proceeds among its shareholders.

ACRE Realty shareholders also must vote in favor of dissolving the company in order for the proposal to be enacted and the company expects to soon send out proxy statements detailing the board decision. Assuming a positive vote, the company will then file a intent to dissolve notice with the Georgia secretary of state and also publish a public notice of its plan to disband.

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