03:49 PM EDT, 08/07/2024 (MT Newswires) -- Financial stocks advanced in late Wednesday afternoon trading, with the NYSE Financial Index adding 0.3% and the Financial Select Sector SPDR Fund (XLF) ahead 0.4%.

The Philadelphia Housing Index fell 1.8%, while the Real Estate Select Sector SPDR Fund (XLRE) slipped 0.2%.

Bitcoin (BTC-USD) declined 1.8% to $55,071, and the yield for 10-year US Treasuries rose 8 basis points to 3.97%.

In economic news, mortgage application volume rebounded to the highest since January after two consecutive weeks of declines, boosted by higher refinance activity and lower rates across all loan types, the Mortgage Bankers Association said.

In corporate news, Jefferies Financial Group ( JEF ) filed a motion seeking an independent review to determine if Weiss Multi-Strategy Advisers made any "additional, potentially voidable payments" to insiders two years before filing for bankruptcy. Jefferies shares were little changed.

Upstart (UPST) shares surged 39% in recent trading, a day after the company reported Q2 results that surpassed market expectations and provided Q3 revenue guidance above the consensus estimate.

Blackstone (BX) said Wednesday its energy-focused private equity business agreed to buy a majority stake in engineering and consulting firm Westwood Professional Services. Blackstone shares were shedding 1.6%.

JPMorgan Chase ( JPM ) , Bank of America ( BAC ) and Wells Fargo ( WFC ) are among the banks being investigated by regulators over their handling of customer funds on the Zelle platform, The Wall Street Journal reported Wednesday.