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Sector Update: Financial Stocks Rise Thursday Afternoon
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Sector Update: Financial Stocks Rise Thursday Afternoon
Mar 21, 2024 11:11 AM

01:49 PM EDT, 03/21/2024 (MT Newswires) -- Financial stocks advanced Thursday afternoon, with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund (XLF) 0.9% ahead.

The Philadelphia Housing Index climbed 1.8%, and the Real Estate Select Sector SPDR Fund (XLRE) was little changed.

Bitcoin (BTC-USD) gained 2.7% at $66,084, and the yield for 10-year US Treasuries rose 1 basis point to 4.29%.

In economic news, the March flash reading of manufacturing conditions from S&P Global rose to a 21-month high of 52.5 from 52.2 in February, compared with 51.8 expected in a survey compiled by Bloomberg.

Separately, the Conference Board's measure of leading indicators rose 0.1% in February, compared with expectations for a 0.1% decline in a survey compiled by Bloomberg and a 0.4% decrease in January.

In corporate news, Accenture ( ACN ) lowered its full-year revenue growth outlook amid macroeconomic uncertainties as fiscal Q2 sales fell short of market expectations. Its shares tumbled almost 9%.

The Bancorp (TBBK) shares fell over 9% as short-seller Culper Research said it has taken a short position on the stock.

Chubb ( CB ) Chief Executive Evan Greenberg, and other US business leaders and delegates, are due to meet Chinese President Xi Jinping next Wednesday, the Wall Street Journal reported Thursday. Chubb ( CB ) shares were shedding 0.8%.

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