04:03 PM EDT, 09/04/2025 (MT Newswires) -- Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding 1%.

The Philadelphia Housing Index climbed 2.5%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.6%.

Bitcoin (BTC-USD) fell 1.6% to $109,970, and the yield for 10-year US Treasuries dropped 4 basis points to 4.18%.

In economic news, the US Department of Justice has initiated a criminal investigation into Federal Reserve Governor Lisa Cook, probing whether she submitted fraudulent mortgage application information, The Wall Street Journal reported.

ADP's monthly measure of private payrolls showed a 54,000 gain in August, lower than the 68,000 rise expected in a Bloomberg poll and following an upwardly revised 106,000 increase in July.

Initial jobless claims rose to a level of 237,000 in the week ended Aug. 30 from 229,000 in the previous week, against expectations for a smaller rise to 230,000 in a Bloomberg poll.

In corporate news, Apollo Global Management ( APO ) has settled with two former executives of its insurance subsidiary Athene just days before their case was set to go to trial, Bloomberg reported. Apollo shares rose 1.6%.

Goldman Sachs ( GS ) plans to buy up to $1 billion worth of T. Rowe Price ( TROW ) shares as they collaborate to offer retirement and wealth management products. Goldman aims to acquire up to a 3.5% stake in the asset management firm through a series of open-market stock purchases. T. Rowe shares jumped 5.3%, and Goldman rose 2.5%.

BlackRock ( BLK ) will manage about $80 billion in assets for thousands of Citigroup's ( C ) Citi Wealth clients under a new portfolio offering called Citi Portfolio Solutions powered by BlackRock ( BLK ), Citi Wealth said Thursday. BlackRock ( BLK ) shares added 0.7%, and Citi gained 2.2%.

Blackstone (BX) and State Street (STT) Investment Management are teaming up to roll out an exchange-traded fund focused on European collateralized loan obligations, Bloomberg reported. Blackstone shares rose 1.5%, and State Street increased 0.9%.