Financial stocks advanced in late Wednesday afternoon trading, with the NYSE Financial Index rising 1.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.3%.
The Philadelphia Housing Index was climbing 3.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.
Bitcoin (BTC-USD) was rising 0.9% to $93,565, and the yield for 10-year US Treasuries fell 2 basis points to 4.16%.
In economic news, the Federal Reserve cut its benchmark lending rate by 25 basis points amid continued concerns about the health of the labor market, while policymakers reiterated their median rate expectations through 2028. The central bank's Federal Open Market Committee lowered interest rates to a range of 3.50% to 3.75%, in line with Wall Street's expectations and marking a third straight quarter-percentage-point cut.
In corporate news, UBS (UBS) Chair Colm Kelleher has received a request from US Senator Elizabeth Warren to disclose details of any communications he may have had with US Treasury Secretary Scott Bessent over possibly moving the bank to the US from Switzerland, Bloomberg reported, citing the lawmaker's Dec. 9 letter. UBS shares were up 1%.
Willis Towers Watson (WTW) on Wednesday agreed to acquire insurance broker Newfront in a cash-and-stock deal worth up to $1.3 billion. Willis Towers Watson shares were down 2.4%.
Aegon (AEG) shares were falling 8.7% after it outlined plans to relocate its head office to the US and change its name to Transamerica.
TowneBank's (TOWN) acquisition of Dogwood State Bank was approved by the shareholders of the North Carolina community bank. TowneBank shares rose 2.7%.
Comments