The U.S. financial sector was down slightly in early trading Tuesday with Wells Fargo & Co. pricing an offering of nearly $11 billion of common stock as it became the latest big bank to unveil plans to repay the government's bailout loan.
Wells Fargo announced late Monday that it would raise the money to help fund a repayment of the $25 billion the firm received under the Troubled Asset Relief Program, or TARP. The company is the last of the original, large U.S. banks to agree to pay back the government. See earlier story on Wells Fargo's latest plan to repay TARP.
Wells Fargo shares were up about 1% at last check Tuesday morning.
In the broader sector, the Financial Select Sector SPDR Fund was off fractionally. The exchange-traded fund had risen the previous two trading sessions.