Afternoon Market Update (AIG, PRU, PAYX)

As per reports, the Chicago PMI jumped to 60.4% in September, up from 56.7% in August. However, the economists were expecting a decline to 55.0%. The national ISM manufacturing gauge is scheduled to release tomorrow. Shares of American International Group Inc AIG gained about 6% after the company announced its plans of repaying the US government AIG has also agreed to sell its 2 Japanese life insurance units, AIG Star Life Insurance Co Ltd and AIG Edison Life Insurance Company, to Prudential Financial Inc PRU for $4.8 billion. Shares of PRU dropped about 4%. The Financial Select Sector SPDR exchange-traded fund (XLF) moved up about 1.06%. The board of Paychex Inc PAYX has appointed Martin Mucci as the company's president and CEO, effective immediately. Mucci will replace Jonathan Judge, who submitted his resignation in July. PAYX shares are up about 1.1%. Read more from Benzinga's Markets.