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Sector Update: Financial Stocks Higher Late Afternoon
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Sector Update: Financial Stocks Higher Late Afternoon
Sep 29, 2024 11:34 PM

03:41 PM EDT, 09/26/2024 (MT Newswires) -- Financial stocks were advancing in late Thursday afternoon trading, with the NYSE Financial Index rising 0.6% and the Financial Select Sector SPDR Fund (XLF) up 0.4%.

The Philadelphia Housing Index was adding 0.3%, while the Real Estate Select Sector SPDR Fund (XLRE) was shedding 1.2%.

Bitcoin (BTC-USD) gained 3% to $65,139, and the yield for 10-year US Treasuries was rising 1.3 basis points to 3.79%.

In economic news, US initial jobless claims fell to 218,000 in the week ended Sept. 21 from an upwardly revised 222,000 in the prior week, compared with expectations for an increase to 223,000 in a survey of analysts compiled by Bloomberg.

US economic growth, measured by gross domestic product, was unrevised in Q2 from the 3% gain in the previous estimate, above a 2.9% increase expected in a survey compiled by Bloomberg.

New orders for US durable goods held steady in August following a 9.9% gain, compared with expectations for a 2.7% decrease in a survey compiled by Bloomberg.

In corporate news, Wells Fargo ( WFC ) has filed an outside review of its risk-and-control overhauls to the US Federal Reserve for the central bank's sign-off in order to end a Fed cap on its assets, Bloomberg reported Thursday. Wells Fargo ( WFC ) shares jumped 5%.

Robinhood Markets ( HOOD ) and Revolut are weighing issuing their own stablecoins, Bloomberg reported Thursday. Robinhood shares were adding 0.1%.

Accenture ( ACN ) on Thursday reported better-than-expected fiscal Q4 results buoyed by double-digit gains in new bookings, while the consulting firm anticipates earnings in the ongoing full year to grow annually. Its shares popped 5.7%.

Citigroup ( C ) and Apollo Global Management (APO) said Thursday they have entered into a deal for a Citi unit and some Apollo affiliates to set up a $25 billion private credit, direct lending program. Citi shares rose 2.3% and Apollo added 0.7%.

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