Sector Update: Financial Stocks Rise Late Afternoon

MT Newswires Live10-29 03:42

Financial stocks advanced in late Monday afternoon trading with the NYSE Financial Index rising 1.1% and the Financial Select Sector SPDR Fund (XLF) gaining 1.2%.

The Philadelphia Housing Index added 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.4%.

Bitcoin (BTC-USD) increased 2.7% to $69,785, and the yield for 10-year US Treasuries rose 4.6 basis points to 4.278%.

In corporate news, Alphabet's (GOOG) Google Cloud and Citigroup (C) entered into a multiyear agreement to modernize the bank's technology infrastructure. Citigroup shares jumped 4%, and Alphabet rose 1%.

Porch (PRCH) shares surged 67% after the company said Monday the Texas Department of Insurance approved its application to form and license a new insurance reciprocal exchange.

StoneX (SNEX) jumped 5.6% after the company said it has opened new offices in Pune and Bengaluru, India, with a total available space of 800 seats.

Robinhood (HOOD) shares rose 3.5% after the company said its Robinhood Derivatives unit has launched presidential election event contracts that allow customers to trade on the results of the Nov. 5 election.

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