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Sector Update: Financial Stocks Rise Late Afternoon
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Sector Update: Financial Stocks Rise Late Afternoon
Apr 22, 2024 12:58 PM

03:43 PM EDT, 04/22/2024 (MT Newswires) -- Financial stocks were higher in late Monday afternoon trading, with the NYSE Financial Index adding 1.3% and the Financial Select Sector SPDR Fund (XLF) up 1.2%.

The Philadelphia Housing Index was adding 1.2%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.8%.

Bitcoin (BTC-USD) gained 2.4% to $66,280, and the yield for 10-year US Treasuries was fractionally up at 4.62%.

In economic news Monday, the Chicago Federal Reserve's monthly National Activity Index rose to 0.15 in March from an upwardly revised 0.09 in February, compared with expectations for a decrease to 0.07 in a survey compiled by Bloomberg.

In corporate news, Cherry Hill Mortgage Investment (CHMI) shares jumped 6.5% after the company said Monday its board has formed a special committee to explore strategic options, including a merger or sale, to maximize shareholder value.

Crescent Midstream, an oil pipeline backed by Carlyle (CG), is exploring a potential sale after receiving takeover interest, Bloomberg reported Monday. Carlyle shares added 2.5%.

Truist Financial's ( TFC ) Q1 results declined annually with revenue missing market estimates, prompting the company to lower its full-year bottom line outlook. Its shares were still rising 3.2%.

Betterment said Monday that it agreed to buy digital investing accounts from Goldman Sachs' ( GS ) Marcus Invest. Goldman shares gained 3.3%.

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