01:40 PM EDT, 07/25/2024 (MT Newswires) -- Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index adding 1.4% and the Financial Select Sector SPDR Fund (XLF) ahead 1.5%.

The Philadelphia Housing Index was climbing 3.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.3%.

Bitcoin (BTC-USD) was declining 2.6% to $64,828, and the yield for 10-year US Treasuries was dropping 3.5 basis points to 4.25%.

In economic news, gross domestic product rose 2.8% in Q2, versus a 1.4% increase in Q1 and a 2% gain expected in a Bloomberg survey.

US initial jobless claims fell sequentially to 235,000 during the week ended July 20 from an upwardly revised 245,000 in the previous week, compared with expectations for 238,000 in a Bloomberg survey.

New orders for US durable goods fell 6.6% in June following a gain of 0.1% in the previous month, compared with expectation for a 0.3% increase in a Bloomberg survey.

In corporate news, Goosehead Insurance ( GSHD ) shares surged 28% after Truist raised its price target on the stock following its Q2 earnings.

ChoiceOne Financial Services ( COFS ) shares tumbled 11% after the company and Fentura Financial said Thursday they have agreed to merge in an all-stock deal.

TriCo Bancshares ( TCBK ) shares popped 5.7% after the company reported Q2 earnings of $0.87 per diluted share, up from $0.75 a year earlier. Analysts polled by Capital IQ expected $0.81.