03:23 PM EDT, 09/18/2024 (MT Newswires) -- Financial stocks were rising in late Wednesday afternoon trading, with the NYSE Financial Index advancing 0.1% and the Financial Select Sector SPDR Fund (XLF) adding 0.3%.

The Philadelphia Housing Index rose 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.3%.

Bitcoin (BTC-USD) added 0.5% to $60,700, and the yield for 10-year US Treasuries rose 4 basis points to 3.69%.

In economic news, the Federal Reserve's monetary policy committee on Wednesday lowered its benchmark lending rate by 50 basis points, its first cut since March 2020. The Federal Open Market Committee cut interest rates to a range of 4.75% to 5%, versus a Bloomberg-compiled consensus indicating a 5% to 5.25% range.

In corporate news, OceanFirst Financial ( OCFC ) shares were rising 2%. The company's OceanFirst Bank unit will invest a minimum of $14 million in a loan subsidy fund to settle a US Department of Justice lawsuit alleging illegal redlining in central New Jersey, Reuters reported Wednesday.