Sector Update: Financial Stocks Buoyed by Rising Equities, Falling Bond Rates

Last Updated: Monday, October 3, 2022 1:41 PM | MT Newswires

Financial stocks were higher in afternoon trading, with the NYSE Financial Index rising 2.3% while the SPDR Financial Select Sector ETF (XLF) was ahead 2.5%.

The Philadelphia Housing Index was climbing 3.4% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 2.1%.

Bitcoin was increasing 1.9% to $19,546, while the yield for 10-year US Treasurys was slipping 16.1 basis points to 3.64.

In company news, Jefferies Financial Group (JEF) rose 4% after the investment banking and brokerage company said its Leucadia Asset Management subsidiary will invest long-term capital with ISO-mts Capital Management, a recently formed credit long/short investment firm. Financial terms were not disclosed.

WR Berkley (WRB) gained 2.6% after saying its Berkley Global Product Recall unit will become Berkley Product Protection at the start of 2023 as the company adds new product, general and excess liability coverages.

Robinhood Markets (HOOD) slid 1.4% after the online brokerage Friday said it will partially or completely close an additional five offices, increasing its restructuring charges by around $45 million over its original estimates in August to a new range of $90 million to $105 million.

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