03:33 PM EDT, 05/14/2024 (MT Newswires) -- Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund (XLF) up 0.4%.

The Philadelphia Housing Index added 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.7%.

Bitcoin (BTC-USD) dropped 2.2% to $61,550, and the yield for 10-year US Treasuries was dropping 3.2 basis points to 4.45%.

In economic news, the US producer price index rose 0.5% in April following a downwardly revised 0.1% decline in March, beating the 0.3% gain expected in a survey compiled by Bloomberg.

Separately, Federal Reserve Chair Jerome Powell said Tuesday that restrictive monetary policy may take longer to impact inflation than was expected, requiring the Federal Open Market Committee to keep rates higher for longer. The US economy is performing "very well" with a strong labor market and rising employment and wages, though with some signs of "gradual" cooling, Powell said at the annual meeting of the Foreign Bankers' Association.

In corporate news, Coinbase (COIN) said Tuesday that it resolved a system-wide outage that affected several programming interfaces. Its shares rose 1.6%.