Sector Update: Financial Stocks Advance Thursday Afternoon
Financial stocks were higher Thursday afternoon, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.3%.The Philadelphia Housing Index was up 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) rose 0.6% to $76,227, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.39%.In economic news, the core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. It climbed 0.3% month-over-month, down from the 0.4% reported in February.US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg.US initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, against expectations for a rise to 212,000 in a Bloomberg survey.In sector news, the US Senate unanimously passed Thursday a rule prohibiting its members from trading on prediction markets, effective immediately, CNBC reported.In corporate news, KKR (KKR) is considering selling the Flora Food Group spreads business, seeking to strike a deal at a valuation of up to $10 billion, the Financial Times reported. KKR shares climbed 4.2%.Mastercard's (MA) Q1 results outpaced Wall Street's estimates, but the company said that the Middle East conflict was impacting spending on cross-border travel. Its shares fell 4.7%.Brookfield Asset Management (BAM) is preparing to file draft documents as early as May for an initial public offering of Indian telecommunications tower operator Altius Telecom Infrastructure Trust, Bloomberg reported. Brookfield shares rose 3.9%.
