03:56 PM EDT, 05/14/2024 (MT Newswires) -- Financial stocks advanced in late Tuesday afternoon trading with the NYSE Financial Index rising 0.6% and the Financial Select Sector SPDR Fund (XLF) up 0.5%.

The Philadelphia Housing Index added 0.6%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.8%.

Bitcoin (BTC-USD) dropped 2.2% to $61,550, and the yield for 10-year US Treasuries fell 3.2 basis points to 4.45%.

In economic news, the US producer price index rose 0.5% in April following a downwardly revised 0.1% decline in March, beating the 0.3% gain expected in a survey compiled by Bloomberg.

Federal Reserve Chair Jerome Powell said restrictive monetary policy may take longer to impact inflation than was expected, requiring the Federal Open Market Committee to keep rates higher for longer. The US economy is performing "very well" with a strong labor market and rising employment and wages, though with some signs of "gradual" cooling, Powell said at the annual meeting of the Foreign Bankers' Association.

In corporate news, Coinbase (COIN) resolved a system-wide outage that affected several programming interfaces. The stock rose 1.5%.

Citigroup ( C ) executive Titi Cole, in charge of implementing the company's significant restructuring plans, is leaving, multiple media outlets reported, citing an internal memo. The bank's shares gained 0.4%.

StoneCo ( STNE ) shares tumbled 7.9% after Q1 results fell short of market expectations.

A consortium led by Blackstone (BX) is in talks with Indian food chain Haldiram's for a 75% stake in its snacks business worth up to $8.5 billion, Reuters reported. Blackstone shares gained 3.3%.