01:51 PM EDT, 08/15/2024 (MT Newswires) -- Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 1.2% and the Financial Select Sector SPDR Fund (XLF) up 1% recently.

The Philadelphia Housing Index was climbing 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 0.2%.

Bitcoin (BTC-USD) was increasing 1.1% to $59,325, and the yield for 10-year US Treasury jumped 11 basis points to 3.93%.

In economic news, US retail sales rose more than expected in July, fueled by gains in spending on cars and electronics, Census Bureau data showed Thursday. Sales rose 1% in July following a downwardly revised 0.2% decline in June. Analysts polled by Bloomberg were expecting a 0.4% increase.

In corporate news, a consortium led by Sixth Street Partners has agreed to buy Credit Suisse's US mortgage servicing business from UBS (UBS), Bloomberg reported Thursday. UBS shares were falling 2.5%.

PNC Financial Services ( PNC ) can sail through several macroeconomic challenges while investing in growth opportunities due to potential market dislocations, BofA Securities said in a Thursday note. BofA upgraded PNC Financial to buy from neutral and raised its price target to $200 from $185. PNC Financial shares gained 2.1%.

Bank of Nova Scotia ( BNS ) has recruited seven employees from JPMorgan Chase ( JPM ) , including three managing directors, to establish a new mortgage capital markets business in Houston, Bloomberg reported Thursday. Bank of Nova Scotia ( BNS ) shares were rising 1.4% and JPMorgan ( JPM ) was up 0.6%.