03:48 PM EDT, 06/17/2024 (MT Newswires) -- Financial stocks advanced in late Monday afternoon trading with the NYSE Financial Index adding 0.6% and the Financial Select Sector SPDR Fund (XLF) up 0.9%.

The Philadelphia Housing Index gained 0.8%, while the Real Estate Select Sector SPDR Fund (XLRE) shed 0.4%.

Bitcoin (BTC-USD) added 0.3% to $66,791, and the yield for 10-year US Treasuries rose 6.6 basis points to 4.28%.

In economic news, the New York Federal Reserve's Empire State manufacturing index improved to a negative 6 in June from negative 15.6 in May, compared with a negative 11.3 reading expected in a Bloomberg survey. The reading is the first for the manufacturing sector for June, suggesting a slowdown in the pace of contraction.

In corporate news, TPG (TPG) said it made a "significant" strategic growth investment in K2 Medical Research, a clinical trial site platform that focuses on central nervous system trials for pharmaceutical and biotech sponsors. Separately, KKR (KKR) and TPG are among the companies expressing initial interest in Italian drugmaker Recordati, Bloomberg reported. TPG shares rose 0.8%, and KKR gained 1.3%.

UBS (UBS) is being sued by Russian-Uzbek billionaire Alisher Usmanov in Germany over alleged reports made by the bank about Usmanov's deals that resulted in an investigation of him by German authorities. UBS gained 2%.

Orrstown Financial Services ( ORRF ) and Codorus Valley Bancorp ( CVLY ) said they expect to close their proposed merger on July 1 after receiving the remaining approvals and waivers needed from state and federal regulators. Orrstown added 0.4% and Codorus rose 2%.

First Western Financial ( MYFW ) rose 0.5% after the board authorized a stock buyback program for up to 200,000 shares.