Sector Update: Financial Stocks Higher Monday Afternoon

MT Newswires Live11-19

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund (XLF) ahead 0.3%.

The Philadelphia Housing Index was easing 0.1%, and the Real Estate Select Sector SPDR Fund (XLRE) was adding 0.5%.

Bitcoin (BTC-USD) was increasing 1.1% to $91,005, and the yield for 10-year US Treasuries was 1.2 basis points lower at 4.41%.

In economic news, the National Association of Home Builders' monthly housing market index rose to 46 in November from 43 in October, compared with expectations for no change in a Bloomberg survey.

In corporate news, Whitestone REIT's (WSR) planned acquisition by MCB Real Estate has been withdrawn. Whitestone REIT shares gained 1.1%.

MBIA (MBI) shares jumped 8.6% after Keefe, Bruyette & Woods upgraded its rating to outperform from market perform. The firm also raised the price target to $9 from $6.50.

Manulife Financial (MFC) said Monday that President and Chief Executive Roy Gori has notified the company that he plans to retire in May 2025 and remain as an adviser through Aug. 31. The company named Phil Witherington as Gori's successor. Manulife shares shed 0.5%.

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