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Sector Update: Financial Stocks Rise Friday Afternoon

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Financial stocks were higher in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.2%.

The Philadelphia Housing Index was climbing 2.4%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.1%.

Bitcoin (BTC-USD) was increasing 1.3% to $63,977, and the yield for 10-year US Treasuries was rising 1.2 basis points to 4.57%.

In corporate news, Apollo Global Management (APO) launched a $7.65 billion bid for London-based airline EasyJet on Friday, modestly outbidding rival financial house Castlelake, Reuters and Bloomberg reported. Separately, Apollo has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said Friday. Apollo's shares were up 1.2%.

Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle shares gained 4.5%.

JPMorgan Chase (JPM) has been testing results of an AI model that allocates assets between stocks and bonds, Bloomberg reported. JPMorgan shares added 0.3%.

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Sector Update: Financial Stocks Higher Late Afternoon

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