03:47 PM EST, 12/20/2024 (MT Newswires) -- Financial stocks advanced in late Friday afternoon trading, with the NYSE Financial Index adding 1.4% and the Financial Select Sector SPDR Fund (XLF) gaining 1.9%.

The Philadelphia Housing Index rose 1%, and the Real Estate Select Sector SPDR Fund (XLRE) popped 2.3%.

Bitcoin (BTC-USD) rose 0.5% to $96,706, and the yield for 10-year US Treasuries dropped 4.4 basis points to 4.53%.

In economic news, the headline PCE price index grew 0.1% in November versus a 0.2% increase in October. Year over year, inflation climbed to 2.4% from 2.3%. Wall Street was expecting 0.2% sequential and 2.5% annualized. The Fed's preferred core measure, which excludes food and energy, was flat at 2.8% annually but eased to 0.1% from 0.3% sequentially. The market predicted 2.9% and 0.2% growth, respectively.

In corporate news, Blackstone (BX) hired a dealmaker from both KKR (KKR) and Ares Management ( ARES ) to focus on asset-based debt as the company seeks to continue expanding into private credit, Bloomberg reported. Blackstone shares rose 1.1%, while KKR and Ares climbed up 3.1% each.

State Street (STT) shares popped 3.2% after JPMorgan ( JPM ) upgraded its rating to neutral from underweight, with a price target of $95.

The Consumer Financial Protection Bureau said it was suing the operator of Zelle, Early Warning Services, and Bank of America ( BAC ) , JPMorgan Chase ( JPM ) and Wells Fargo ( WFC ) for allegedly failing to protect consumers from fraud on the Zelle payment network. Bank of America ( BAC ) shares rose 2.2%, while JPMorgan ( JPM ) and Wells Fargo ( WFC ) gained 2.5% each.

Wells Fargo ( WFC ) and LPL Financial ( LPLA ) each agreed to pay a $900,000 civil penalty to settle charges for submitting incomplete and inaccurate securities trading data, the US Securities and Exchange Commission said. LPL Financial ( LPLA ) shares were rising 0.3%.