Financials remain in focus with Bank of America (BAC) and Morgan Stanley (MS) up 4% and 5% respectively following earnings. Morgan Stanley’s trading revenue surpassed Goldman Sachs for the first time while Bank of America reported strong Investment banking business. The banking sector is up 10% for the year near all time highs.

Insurance stocks are going the wrong way. Progressive (PGR) is down 6%, the worst performer in the S&P 500 after missing earnings estimates even as revenue rose 14% to $20.85 billion. Profits were down 48% year over year due to auto insurance profit caps in Florida. Progressive has around 2.7 million personal auto policyholders in Florida.

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