Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.7%.
The Philadelphia Housing Index was decreasing 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.4%.
Bitcoin (BTC-USD) was increasing 2.2% to $84,615, and the yield for 10-year US Treasuries decreased 1 basis point to 5.11%.
In economic news, mortgage applications in the US declined last week, despite interest rates dropping for the first time in two months, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, fell 5.3% on a seasonally adjusted basis from one week earlier in the week ended Oct. 16. On an unadjusted basis, the index was down 5%.
In corporate news, Blackstone (BX) and a unit of Apollo Global Management (APO) are in preliminary talks with the National Football League to join the list of approved private equity firms that can acquire minority stakes in teams, Bloomberg reported. Blackstone shares were down 0.2%, and Apollo rose 1%.
UBS (UBS) junior investment bankers are getting a smaller pay increase with their promotions amid the company's new compensation structures, Bloomberg reported. UBS shares were up 1.8%.
Bank of Nova Scotia (BNS) said Wednesday it expects a tax rate cut by the Chilean government to reduce the Q4 reported and adjusted earnings of the bank and its international banking segment by about 55 million Canadian dollars ($39.2 million). Bank of Nova Scotia shares were rising 1.9%.
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