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Sector Update: Financial Stocks Higher Late Afternoon

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Financial stocks advanced in late Monday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.9%.

The Philadelphia Housing Index was up 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.3%.

Bitcoin (BTC-USD) was declining 0.7% to $64,905, and the yield for 10-year US Treasuries fell 3.8 basis points to 4.641%.

In corporate news, Brookfield Asset Management (BAM) has raised $2 billion for Brookfield Middle East Partners, a new private equity fund anchored by Saudi Arabia's Public Investment Fund and other institutional partners, PIF said Monday. Brookfield Asset Management shares rose 2.5%.

TPG (TPG) is engaged in exclusive talks to buy Macquarie-backed Netrality Data Centers, Bloomberg reported. TPG shares were up 0.4%.

Ares Management (ARES) held discussions to acquire private equity firm Leonard Green & Partners to expand its private equity business, the Financial Times reported. Ares shares added 0.6%.

Bank of Hawaii (BOH) reported higher-than-expected Q2 earnings, but revenue growth fell short of market expectations. Its shares fell 4.4%.

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