Sector Update: Financial Stocks Ending Near Wednesday Session Highs

Last Updated: Wednesday, September 28, 2022 3:50 PM | MT Newswires

Financial stocks were advancing in afternoon trading, with the NYSE Financial Index rising 1.9% while the SPDR Financial Select Sector ETF (XLF) was ahead 2.5%.

The Philadelphia Housing Index was climbing 4.7% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 2.1% despite National Association of Realtors data that showed pending home sales fell 2.0% during August compared with market expectations for an 1.5% decline last month.

Bitcoin was increasing 2.3% to $19,502, while the yield for 10-year US Treasuries was slipping 25.9 basis points to 3.705%.

In company news, Newmark Group (NMRK) advanced 2.5% after the real estate advisory and services company late Tuesday said its New York Multifamily Capital Markets subsidiary closed on $315.3 million in lending transactions during August, increasing total volume for the unit so far this year to more than $3.1 billion.

Stifel Financial (SF) gained 1.7% after the brokerage and investment bank late Tuesday said it formed a substantial leveraged lending joint venture with a Korea Investment Holdings subsidiary, subject to pending regulatory approvals.

Home Point Capital (HMPT) added 4.1% after the residential mortgage originator overnight said it mutually agreed to terminate a master repurchase agreement and securities contract with Morgan Stanley Bank ahead of its scheduled March 2023 maturity.

Sterling Bancorp (SBT) rose 4.5% after late Tuesday saying it will pay a $6 million civil penalty as part of a consent order with the Office of the Comptroller of the Currency resolving the agency's probe into the bank's one-time Advantage residential loan product. The penalty will be applied against the $15 million in contingent losses already on its balance sheet, it said.

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