03:42 PM EDT, 10/16/2024 (MT Newswires) -- Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 1.1%.

The Philadelphia Housing Index was climbing 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 1%.

Bitcoin (BTC-USD) was increasing 1.2% to $67,877, and the yield for 10-year US Treasuries was down 2 basis points to 4.02%.

In economic news, mortgage applications in the US continued their downward trend for the third straight week as rates across all loan types increased, the Mortgage Bankers Association said.

In corporate news, Territorial Bancorp ( TBNK ) urged its shareholders in a letter Wednesday to support the acquisition offer from Hope Bancorp ( HOPE ) , and to reject an alternative proposal put forward by Blue Hill Advisors. Territorial shares rose 0.1% and Hope gained 2%.

Morgan Stanley ( MS ) posted stronger-than-expected Q3 results on Wednesday amid higher asset levels and investment banking gains that reflected increased deal activity and initial public offerings. Its shares jumped 7%.

U.S. Bancorp's ( USB ) Q3 results fell year over year, but earnings topped market estimates as the company saw lower expenses in the period. Its shares popped 5%.

Interactive Brokers Group (IBKR) said Wednesday it is opening an office in the Dubai International Financial Center. Its shares were down 4%.