Sector Update: Financial

Last Updated: Friday, January 21, 2022 3:36 PM | MT Newswires

Financial stocks retreated in afternoon trading, with the NYSE Financial Index declining 1.8% while the SPDR Financial Select Sector ETF (XLF) was sliding 2.3%. The Philadelphia Housing Index was falling 0.9% although the SPDR Real Estate Select Sector ETF (XLRE) was 0.1% higher. In company news, Independent Bank (INDB) climbed 5.1% after reporting non-GAAP net income of $1.63 per share, up from $1.05 during the same quarter last year and beating the Capital IQ consensus of $1.10 per share. Revenue increased almost 28% year-over-year to $151.7 million, also topping the $141.2 million Street view.

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