01:44 PM EST, 03/06/2025 (MT Newswires) -- Financial stocks fell in Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each dropping about 1.7%.

The Philadelphia Housing Index was up 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) slumped 2.5%.

Bitcoin (BTC-USD) was declining 0.5% to $88,705, and the yield for 10-year US Treasuries was rising 3 basis points to 4.29%.

In economic news, US layoff plans increased to 172,017 jobs in February, the highest monthly total since July 2020, driven by government sector cuts, outplacement firm Challenger, Gray & Christmas said Thursday.

US initial jobless claims fell to 221,000 in the week ended March 1 from 242,000 in the previous week, against expectations for a decrease to 233,000 in Bloomberg survey.

In corporate news, Blackstone (BX) will hire Citigroup ( C ) to raise the equivalent of at least $200 million to back its purchase of South City Mall in Kolkata, India, Bloomberg reported. Blackstone shares were falling 4%, and Citi was down 3%.