Sector Update: Financial Stocks Gain Late Afternoon

MT Newswires Live11-12

Financial stocks rose in late Monday afternoon trading with the NYSE Financial Index climbing 1.2% and the Financial Select Sector SPDR Fund (XLF) advancing 1.4%.

The Philadelphia Housing Index eased 0.1%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.8%.

Bitcoin (BTC-USD) jumped 8% to $86,983.

In economic news, official data Wednesday are expected to show US consumer inflation in October rose 0.2% sequentially and 2.4% annually, according to a Bloomberg-compiled consensus.

In corporate news, large-cap banks in the US stand to benefit from a projected acceleration in capital markets activity under a Trump administration with Goldman Sachs (GS) as the biggest beneficiary, Morgan Stanley said in a report. Goldman shares rose 2.2%.

Blackstone (BX) is nearing a deal to buy a minority stake in American Industrial Partners, Bloomberg reported. Blackstone shares rose 3.1%.

Morgan Stanley (MS) shares climbed 2.8%. The private equity division, Morgan Stanley Capital Partners, agreed to sell Sila Services to Goldman Sachs Alternatives' private equity division.

Apollo Global Management (APO) and Mubadala Investment extended their collaboration to originate investment opportunities across various asset classes. Apollo shares rose 3.2%.

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