01:37 PM EDT, 05/16/2024 (MT Newswires) -- Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising about 0.2%.

The Philadelphia Housing Index was falling 1.8% and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.2%.

Bitcoin (BTC-USD) fell 0.5% to $64,735, and the yield for 10-year US Treasuries was rising 2 basis points to 4.37%.

In economic news, US initial jobless claims fell to 222,000 in the week ended May 11 from an upwardly revised 232,000 level in the previous week, compared with expectations for a larger decrease to 220,000 in a Bloomberg survey.

US industrial production held steady in April, below expectations for a 0.1% increase in a Bloomberg survey.

In corporate news, American International Group (AIG) said it has agreed to sell a 20% stake of Corebridge Financial ( CRBG ) to Nippon Life Insurance for $31.47 per share, for a total of $3.8 billion. Corebridge surged almost 10% and AIG was up 0.5%.