03:21 PM EST, 12/20/2024 (MT Newswires) -- Financial stocks advanced in late Friday afternoon trading with the NYSE Financial Index gaining 1.6% and the Financial Select Sector SPDR Fund (XLF) climbing 1.7%.

The Philadelphia Housing Index rose 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) popped 2.3%.

Bitcoin (BTC-USD) decreased 0.6% to $97,209, and the yield for 10-year US Treasuries dropped 4.6 basis points to 4.524%.

In economic news, the headline PCE price index grew 0.1% in November versus a 0.2% increase in October. Year over year, inflation climbed to 2.4% from 2.3%. Wall Street was expecting 0.2% sequential and 2.5% annualized. The Fed's preferred core measure, which excludes food and energy, was flat at 2.8% annually but eased to 0.1% from 0.3% sequentially. The market predicted 2.9% and 0.2% growth, respectively.

In corporate news, Blackstone (BX) hired a dealmaker from both KKR (KKR) and Ares Management ( ARES ) to focus on asset-based debt as the company seeks to continue expanding into private credit, Bloomberg reported. Blackstone shares rose 1%, while KKR and Ares both gained 3%.