Sector Update: Financial Stocks Edge Higher Monday Afternoon

MT Newswires Live12-17

Financial stocks edged up in Monday afternoon trading with the NYSE Financial Index adding 0.2% and the Financial Select Sector SPDR Fund (XLF) little changed, erasing earlier losses.

The Philadelphia Housing Index shed 0.1%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.6%.

Bitcoin (BTC-USD) jumped 3.2% to $107,647, and the yield for 10-year US Treasuries was little changed 4.40%.

In economic news, New York manufacturing activity declined more than projected in December as orders and shipments tumbled, the Federal Reserve Bank of New York said. The Empire State Manufacturing Survey's general business conditions index fell to 0.2 this month from 31.2 in November. The consensus was for drop to 10, according to a survey compiled by Bloomberg.

In corporate news, Berkshire Hills Bancorp (BHLB) and Brookline Bancorp (BRKL) agreed to merge in a $1.1 billion all-stock deal. Berkshire shares fell 1.3% and Brookline gained 0.1%.

Goldman Sachs' (GS) investment arm Goldman Sachs Asset Management agreed to buy drugmaker Synthon from BC Partners for 2 billion euro ($2.1 billion), the Financial Times reported. Goldman shares fell 0.4%.

Blackstone (BX) has become the preferred bidder for a 20% stake in Haldiram Snacks, Bloomberg reported. Blackstone shares added 0.3%.

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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