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Sector Update: Financial Stocks Rise in Afternoon Trading

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Financial stocks advanced in Tuesday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.5%.

The Philadelphia Housing Index was down 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.2%.

Bitcoin (BTC-USD) was increasing 2% to $66,510, and the yield for 10-year US Treasuries was rising 2.8 basis points to 4.626%.

In economic news, Redbook US same-store sales rose 7.8% from a year earlier in the week ended July 18 after an 8.2% year-over-year increase in the previous week.

The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to 7.4 in July from minus 25.8 in the previous month, indicating expansion in the sector.

In corporate news, JPMorgan Chase (JPM) and Jefferies Financial (JEF) were among four banks chosen by InMobi to raise about $1 billion as part of an IPO process due to begin later this week, Bloomberg reported. JPMorgan shares rose 1.9%, and Jefferies added 2.4%.

Marsh & McLennan (MRSH) shares were softer after the firm reported higher Q2 adjusted net income and revenue.

MSCI (MSCI) shares fell past 9% after it reported Q2 adjusted EPS of $4.94, up from $4.17 a year earlier, but below the FactSet consensus of $4.99.

Capital One (COF) won a dismissal of a proposed class-action lawsuit accusing the bank of charging excessive credit-card interest rates, Reuters reported Monday. Shares eased 0.2%.

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