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Sector Update: Financial

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Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 1.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.

The Philadelphia Housing Index was climbing 3.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.8%.

Bitcoin (BTC-USD) was increasing 0.9% to $77,453, and the yield for 10-year US Treasuries was dropping 9 basis points to 4.577%.

In corporate news, an Ares Management (ARES) fund and the Scion Group have purchased 12 US student-housing properties for about $910 million, Bloomberg reported. Ares rose 1.8%.

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