03:39 PM EDT, 07/16/2025 (MT Newswires) -- Financial stocks advanced in late Wednesday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both rising 0.7%.

The Philadelphia Housing Index gained 0.8%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.9%.

Bitcoin (BTC-USD) climbed 1.1% to $118,999, and the yield for 10-year US Treasuries fell 3 basis point to 4.46%.

In economic news, hours after President Donald Trump told a room of Republican lawmakers he would fire Federal Reserve Chair Jerome Powell, he denied plans to remove Powell from office, CNBC reported.

The producer price index held steady in June following a 0.3% increase in May. After excluding food and energy prices, core PPI held steady, below the 0.2% gain expected and following a 0.4% increase in the previous month, the Bureau of Labor Statistics said.

Mortgage applications in the US plunged in the week ended Friday as home loan rates rose amid renewed worries over tariffs, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, slumped 10% on a seasonally adjusted basis following a 9.4% rise the week prior. Without adjustments, the index climbed 13% on a weekly basis.

In corporate news, Apollo Global Management ( APO ) is in talks about buying a stake in the holding company that controls Spanish football club Atletico Madrid, the Financial Times reported. Apollo shares were rising 4.5%.