01:56 PM EDT, 08/16/2024 (MT Newswires) -- Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index increasing 0.5% and the Financial Select Sector SPDR Fund (XLF) adding 0.6%.

The Philadelphia Housing Index was down 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was retreating 0.4%.

Bitcoin (BTC-USD) was shedding 1.1% to $58,688, and the yield for 10-year US Treasuries was decreasing 4 basis points to 3.89%.

In economic news, the University of Michigan's preliminary consumer sentiment index rose to 67.8 in August from 66.4 in July, above the 66.9 anticipated in a survey compiled by Bloomberg.

Housing starts fell 6.8% to a seasonally adjusted annual rate of 1.24 million units in July from the downwardly revised 1.33 million print the month prior, the Census Bureau and the Department of Housing and Urban Development said. The consensus was for 1.33 million in a survey compiled by Bloomberg.

In sector news, the American Bankers Association is joining America's Credit Unions and state-level banking and credit union trade groups in a lawsuit to reverse an Illinois law that prohibits banks and financial firms from charging or receiving interchange fees.

In corporate news, B. Riley Financial ( RILY ) shares rose nearly 17%. Bryant Riley, co-founder, chairman and co-chief executive of the company, has offered to buy the rest of B. Riley for $7 a share. Riley is the company's largest shareholder.

H&R Block ( HRB ) shares jumped more than 13% in recent trading, a day after the company reported higher fiscal Q4 revenue from a year earlier and raised its quarterly dividend by 17%.

HSBC's ( HSBC ) efforts to build its private banking business in the Middle East are being hindered by departures of senior members and regulatory curbs that will limit the unit's ability to bring in high-profile clients, Bloomberg reported Friday. HSBC ( HSBC ) shares were rising 0.8%.