03:47 PM EDT, 03/28/2024 (MT Newswires) -- Financial stocks rose in late Thursday afternoon trading with the NYSE Financial Index up 0.5% and the Financial Select Sector SPDR Fund (XLF) adding 0.7%.

The Philadelphia Housing Index climbed 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was 0.8% higher.

Bitcoin (BTC-USD) rose 2.8% to $70,724.5, and the yield for 10-year US Treasuries was little changed at 4.21%.

In economic news, the seasonally adjusted number of initial jobless claims dropped by 2,000 to 210,000 in the week ended March 23, the US Department of Labor said. The consensus was for 212,000 in a survey compiled by Bloomberg.

Real gross domestic product in the December quarter grew at a 3.4% annualized rate, up from a 3.2% gain projected in the second estimate. The consensus in a survey compiled by Bloomberg was for economic growth to remain unrevised.

The University of Michigan's consumer sentiment index was revised higher to a reading of 79.4 for March from the 76.5 print in the preliminary estimate, above the expectations for no revision in a survey compiled by Bloomberg.

A Manhattan federal court on Thursday sentenced Sam Bankman-Fried to 291 months in prison and imposed an $11 billion fine for fraud that eventually led to the collapse of the FTX cryptocurrency exchange he co-founded in 2019.

In corporate news, Invitation Homes ( INVH ) struck a deal to take over the management of 3,000 rental homes from Nuveen, Bloomberg reported Thursday. Invitation shares added 1.6%

Vornado Realty Trust ( VNO ) added almost 4% as Morgan Stanley upgraded the company's rating to equalweight from underweight and raised its price target to $26 from $24.

Allstate ( ALL ) is poised for a "reversal of fortune" with an earnings rebound in 2024 to continue through 2026 as rate increases support underwriting margins, BofA Securities said. The investment firm reiterated its buy rating on Allstate ( ALL ) and increased its price target to $209 from $189. Allstate ( ALL ) shares rose 1.9%.

Five Star Bancorp ( FSBC ) said Thursday it priced its underwritten public offering of 3.45 million shares at $21.75 per share, for expected proceeds of about $70.9 million. Its shares dropped past 6%.