01:45 PM EDT, 08/23/2024 (MT Newswires) -- Financial stocks advanced in Friday afternoon trading with the NYSE Financial Index rising 1.2% and the Financial Select Sector SPDR Fund (XLF) adding 0.5%.

The Philadelphia Housing Index jumped 3.4%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 1.8%.

Bitcoin (BTC-USD) increased 2.5% to $61,867, and the yield for 10-year US Treasuries fell 3.6 basis points to 3.82%.

In economic news, Federal Reserve Chair Jerome Powell said Friday that the "time has come" for the monetary policy committee to start lowering its benchmark lending rate, though the timing and extent of future policy easing will depend on incoming data.

Separately, new-home sales in the US rose by a double-digit percentage in July even as median prices at the national level increased for the second consecutive month, government data showed.

In corporate news, Toronto-Dominion Bank ( MLWIQXX ) is expected to face additional insurance service expenses of 300 million Canadian dollars ($221.5 million) in fiscal Q4 after fiscal Q3 earnings were affected by weather-related claims, RBC Capital Markets said. Toronto-Dominion shares rose 1.7%.

LPL Financial Holdings ( LPLA ) shares added 1.4% after its LPL Financial ( LPLA ) unit said advisory and brokerage assets in July rose 2.1% to $1.53 trillion from June.

B. Riley Financial-backed (RILY) Franchise Group won a short reprieve from lenders to come up with a restructuring proposal for $1.5 billion in debt, Bloomberg reported Thursday. B. Riley shares were shedding 0.7%.