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Sector Update: Financial

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Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each rising 1.3%.

The Philadelphia Housing Index was up 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.9%.

Bitcoin (BTC-USD) was increasing 0.1% to $63,652, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.477%.

In corporate news, BlackRock (BLK) and State Street Investment Management (STT) are facing fresh competition as New York City's pension system opens a bidding process for about $92 billion of stock index funds the two firms currently oversee, Bloomberg reported. BlackRock manages about $65 billion of the passive equity portfolio and State Street about $27 billion, the report said. BlackRock and State Street shares were each up 1.5%.

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