03:20 PM EDT, 08/23/2024 (MT Newswires) -- Financial stocks advanced in late Friday afternoon trading with the NYSE Financial Index rising 1.3% and the Financial Select Sector SPDR Fund (XLF) adding 0.7%.

The Philadelphia Housing Index jumped 3.5%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 1.9%.

Bitcoin (BTC-USD) rose 5.2% to $63,547, and the yield for 10-year US Treasuries fell 6 basis points to 3.81%.

In economic news, Federal Reserve Chair Jerome Powell said the "time has come" for the monetary policy committee to start lowering its benchmark lending rate, though the timing and extent of future policy easing will depend on incoming data.

Separately, new-home sales in the US rose by a double-digit percentage in July even as median prices at the national level increased for the second consecutive month, government data showed.

In corporate news, OP Bancorp ( OPBK ) shares rose 2%. The company said Chief Credit Officer Sang K. Oh will become chief executive officer, succeeding Min Kim, who will step down at the end of June.