01:47 PM EDT, 09/12/2024 (MT Newswires) -- Financial stocks rose in Thursday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both up 0.3%.

The Philadelphia Housing Index climbed 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.1%.

Bitcoin (BTC-USD) increased 0.9% to $58,231, and the yield for 10-year US Treasuries rose 4.3 basis points to 3.70%.

In economic news, the US producer price index in August grew 0.2% following a flat reading last month, faster than the 0.1% gain expected in a survey compiled by Bloomberg, government data showed.

US initial jobless claims in the week ended Sept. 7 rose to 230,000 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg.

In regulatory news, the US Treasury and the Internal Revenue Service issued a notice of proposed rulemaking to implement the Inflation Reduction Act's corporate alternative minimum tax. The proposed rules would require the biggest corporations to pay a minimum 15% tax on profit reported to shareholders, with certain adjustments, which the Treasury said would generate about $250 billion over the next 10 years, including $20 billion in 2025.

In corporate news, Mastercard ( MA ) agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion. Mastercard ( MA ) shares rose 0.2%.

Navient ( NAVI ) was ordered to pay $120 million by the Consumer Financial Protection Bureau on Thursday for what the regulator said was "wide-ranging student lending failures." Navient ( NAVI ) shares were rising 6.2%.

UBS' (UBS) asset management unit has been reducing its exposure to corporate bonds during market rallies over fears that a slowing economy or the US elections could lead to volatility, Reuters reported, citing Jonathan Gregory, head of fixed income UK at the bank. UBS shares were up 0.2%.