01:40 PM EDT, 08/07/2024 (MT Newswires) -- Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index adding 0.6% and the Financial Select Sector SPDR Fund (XLF) ahead 1%.

The Philadelphia Housing Index was falling 1.6%, while the Real Estate Select Sector SPDR Fund (XLRE) was up 0.6%.

Bitcoin (BTC-USD) was shedding 0.6% to $55,736, and the yield for 10-year US Treasuries was rising 7 basis points to 3.96%.

In economic news, mortgage application volume rebounded to its highest level since January after two consecutive weeks of declines, boosted by higher refinance activity and lower rates across all loan types, the Mortgage Bankers Association said.

In corporate news, Upstart (UPST) shares surged 48% in recent trading, a day after the company reported Q2 results that surpassed market expectations and provided Q3 revenue guidance above the consensus estimate.