Sector Update: Financial Stocks Higher Friday Afternoon

MT Newswires Live11-23 02:44

Financial stocks advanced in Friday afternoon trading with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund (XLF) gaining 1%.

The Philadelphia Housing Index climbed 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.8%.

Bitcoin (BTC-USD) added 0.7% to $99,039, and the yield for 10-year US Treasuries shed 2 basis points to 4.41%.

In economic news, the November flash reading of manufacturing conditions from S&P Global increased to a four-month high at 48.8 from 48.5 in October, slightly lower than an expected reading of 48.9 in a survey compiled by Bloomberg.

The University of Michigan consumer sentiment index was revised downward to 71.8 for November from 73 in the preliminary estimate, compared with expectations for an upward revision to 73.9 in a survey compiled by Bloomberg.

In corporate news, StoneCo (STNE) shares jumped 12%, a day after the company's board authorized the repurchase of up to 2 billion Brazilian reais ($343.9 million) in class A shares.

Perella Weinberg Partners' (PWP) affiliated funds that are sub-advised by Innovatus Capital Partners are looking to sell Flagship Credit Acceptance, Bloomberg reported. Perella shares shed 0.5%.

JPMorgan (JPM) is facing an investigation from the US Treasury Department over its relationship with hedge fund Ocean Leonid Investments which is said to have ties with Iranian oil trader Hossein Shamkhani, Bloomberg reported. JPMorgan shares rose 1.5%.

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