01:36 PM EDT, 08/16/2024 (MT Newswires) -- Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index increasing 0.5% and the Financial Select Sector SPDR Fund (XLF) adding 0.6%.

The Philadelphia Housing Index was down 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was retreating 0.4%.

Bitcoin (BTC-USD) was shedding 1.1% to $58,688, and the yield for 10-year US Treasuries was shedding 4 basis points to 3.89%.

In economic news, the University of Michigan's preliminary consumer sentiment index rose to 67.8 in August from 66.4 in July, above the 66.9 anticipated in a survey compiled by Bloomberg.

Housing starts fell 6.8% to a seasonally adjusted annual rate of 1.24 million units in July from the downwardly revised 1.33 million print the month prior, the Census Bureau and the Department of Housing and Urban Development said. The consensus was for 1.33 million in a survey compiled by Bloomberg.

In corporate news, B. Riley Financial ( RILY ) shares surged past 21%. Bryant Riley, co-founder, chairman and co-chief executive of the company, has offered to buy the rest of B. Riley for $7 a share. Riley is currently the company's largest shareholder.