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Sector Update: Financial
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Sector Update: Financial
Nov 9, 2024 11:30 AM

01:28 PM EST, 11/06/2024 (MT Newswires) -- Financial stocks were gaining in Wednesday afternoon trading, with the NYSE Financial Index rising 3.9% and the Financial Select Sector SPDR Fund (XLF) jumping 6.1%.

The Philadelphia Housing Index was falling 1.8%, and the Real Estate Select Sector SPDR Fund (XLRE) slumped 3.2%.

Bitcoin (BTC-USD) jumped 7.9% to $74,893, and the yield for 10-year US Treasuries surged 13 basis points to 4.42%.

In economic news, mortgage applications fell by 10.8% in the week ended Nov. 1, driven lower by a further increase in mortgage rates to their highest point since July, according to data released by the Mortgage Bankers Association.

In corporate news, Capital One Financial's ( COF ) planned acquisition of Discover Financial Services ( DFS ) received a big boost from Donald Trump's victory in US presidential election, Bloomberg Intelligence analyst Jennifer Rie said in a note. Capital One and Discover shares jumped 15% and 18% respectively.

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