Sector Update: Financial Stocks Rise in Afternoon Trading

MT Newswires Live03-06

Financial stocks advanced in Wednesday afternoon trading, with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund (XLF) marginally higher.

The Philadelphia Housing Index climbed 1.2%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.2%.

Bitcoin (BTC-USD) gained 3.8% to $89,068, and the yield for 10-year US Treasuries rose 2.3 basis points to 4.27%.

In economic news, ADP's monthly measure of private payrolls showed an increase of 77,000 jobs in February, below the gain of 140,000 expected in a survey compiled by Bloomberg.

The Institute for Supply Management's US services index rose to 53.5 in February from 52.8 in January, compared with expectations for 52.5 in a survey compiled by Bloomberg.

In corporate news, Bakkt's (BKKT) shares jumped 17.9% after Axios reported that Apex Fintech is evaluating a potential acquisition of the company.

Goldman Sachs (GS) is the only investment bank working on the sale of ports owned by CK Hutchison to a group led by BlackRock (BLK), Bloomberg reported. Goldman shares added 0.8%.

OppFi (OPFI) shares gained 4.2% after the company reported higher Q4 adjusted earnings and revenue.

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