03:22 PM EST, 12/11/2024 (MT Newswires) -- Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index adding 0.4% and the Financial Select Sector SPDR Fund (XLF) up 0.1%.

The Philadelphia Housing Index was shedding 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) was easing 0.4%.

Bitcoin (BTC-USD) was gaining 4.6% to $101,182, and the yield for 10-year US Treasuries was rising 5 basis points to 4.27%.

In economic news, the consumer price index increased 0.3% in November, ticking up from 0.2% in each of the previous four months, the Bureau of Labor Statistics reported Wednesday. Annually, inflation accelerated to 2.7% from October's 2.6% pace. Both measures were in line with forecasts in a Bloomberg-compiled survey.

Mortgage applications in the US continued their upward trend last week buoyed by refinance activity, as rates across most loan types decreased, the Mortgage Bankers Association said Wednesday.

In corporate news, HSBC ( HSBC ) is planning to save at least $3 billion by cutting costs as part of a global restructuring effort led by new Chief Executive Georges Elhedery, Bloomberg reported. HSBC ( HSBC ) shares rose 1.2%.