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Byline: DAVID SAITO-CHUNG
The S&P 500 went from a 1.3% intraday drop to finish up 0.8% Tuesday. The Dow, also down 1.3%, rebounded 0.6%. NYSE volume ran higher throughout the session compared with Monday, but ended lower due to Monday's last-minute heavy trading related to the rebalancing of the Russell indexes.
Some leaders showed fortitude at key trend lines.
ProAssurance, down 3.51 points on heavy trade Monday, rallied back 89 cents to 27.88 on even heavier volume of 2.31 million shares, its highest in more than a year. The stock undercut its 50-day moving average for the first time since Nov. 5.
The Birmingham, Ala.-based specialty insurer has more than $2.5 billion in assets and receives more than $630 million in gross written premiums. It's a leader in medical malpractice liability insurance. On Tuesday, ProAssurance priced a private offering of $100 million of 3.9% convertible long-term debt.
KB Home also applied the brakes to what has been a 15% slide from its recent new high of 71.55. The stock reversed from a 1.48-point decline to close with a 1.02-point gain to 63. The stock is still ...