03:36 PM EDT, 05/16/2025 (MT Newswires) -- Financial stocks advanced in late Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 0.6%.

The Philadelphia Housing Index climbed 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) added 1.1%.

Bitcoin (BTC-USD) added 0.8% to $103,805, and the yield for 10-year US Treasuries shed 1 basis point to 4.44%.

In economic news, the University of Michigan's preliminary consumer sentiment index fell to 50.8 in May from 52.2 in April, compared with expectations for an increase to 53.5 in a survey compiled by Bloomberg.

US March factory new orders were revised down to a 3.4% increase from the 4.3% gain previously reported.

President Donald Trump said that he plans to set tariff rates for US trading partners in the "next two or three weeks," media reports said. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be sending out letters to tell other nations what "they'll be paying to do business" in the US, the president said in a meeting with business executives in the UAE, according to the reports.

In corporate news, UBS (UBS) is discussing compensation for some clients after losses in complex foreign-exchange derivatives due to price swings caused by US President Donald Trump's tariffs, Reuters reported. UBS shares were down 0.7%.