Sector Update: Financial Stocks Advance Monday Afternoon

MT Newswires Live08-27

Financial stocks were higher in Monday afternoon trading, with the NYSE Financial Index rising 0.3% and the Financial Select Sector SPDR Fund (XLF) adding 0.2%.

The Philadelphia Housing Index was shedding 0.6% and the Real Estate Select Sector SPDR Fund (XLRE) was 0.1% lower.

Bitcoin (BTC-USD) was declining 0.9% to $63,670, and the yield for 10-year US Treasuries was little changed at 3.81%.

In economic news, new orders for durable goods jumped 9.9% in July following a 6.9% drop in June, ahead of estimates compiled by Bloomberg for a 5% increase.

The Dallas Fed's monthly manufacturing index improved to minus 9.7 in August from minus 17.5 in July, compared with expectations for an improvement to minus 16 in a survey compiled by Bloomberg.

In corporate news, MoneyLion (ML) shares jumped 9% after the company said Monday that its board approved the repurchase of up to $20 million of the company's outstanding class A shares.

Prestige Wealth (PWM) shares surged past 66% after the company said Friday that it agreed to buy SPW Global for $4.5 million.

Columbia Financial (CLBK) said Monday that it received regulatory approval for Columbia Bank's merger with Freehold Bank from the US Office of the Comptroller of the Currency. Columbia Financial shares were little changed.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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