03:39 PM EDT, 06/05/2024 (MT Newswires) -- Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index increasing 0.2% and the Financial Select Sector SPDR Fund (XLF) adding 0.2%.

The Philadelphia Housing Index was rising 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was 0.2% lower.

Bitcoin (BTC-USD) was increasing 0.5% to $70,976, and the yield for 10-year US Treasuries was declining nearly 5 basis points to 4.29%.

In economic news, the Institute for Supply Management's US services index rose to 53.8 in May from 49.4 in April, compared with expectations for 51 in a survey compiled by Bloomberg.

Meanwhile, based on ADP's employment report, private payrolls climbed 152,000 in May versus estimates compiled by Bloomberg for a 175,000 jump.

In regulatory news, the US Fifth Circuit Court of Appeals in New Orleans on Wednesday struck down the US Securities and Exchange Commission's rules mandating that hedge funds and private equity firms disclose quarterly fees and expenses to investors, according to media reports.

In corporate news, New York Community Bancorp ( NYCB/PU ) said Wednesday its shareholders have approved a 1-for-3 reverse stock split and a corresponding reduction in the total number of shares it is authorized to issue based on preliminary results of its annual meeting. Its shares eased 0.3%.