Sector Update: Financial Stocks Rally Monday with Retreating Bond Yields

Last Updated: Monday, October 3, 2022 3:50 PM | MT Newswires

Financial stocks continued to rebound during afternoon trading, with the NYSE Financial Index rising 2.8% while the SPDR Financial Select Sector ETF (XLF) was ahead 2.9%.

The Philadelphia Housing Index was climbing 4.2% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 2.1%.

Bitcoin was increasing 1.5% to $19,543, while the yield for 10-year US Treasuries plunged 15.3 basis points to 3.651.

In company news, Old Republic International (ORI) gained 2.3% after the insurance underwriter Monday said it closed on its acquisition of the operating assets of Houston-based Veritas Title Partners on Oct. 1. Financial terms were not disclosed.

Jefferies Financial Group (JEF) rose 4% after the investment banking and brokerage company said its Leucadia Asset Management subsidiary will invest an undisclosed amount of long-term capital with ISO-mts Capital Management, a recently formed credit long/short investment firm.

WR Berkley (WRB) gained 3% 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) was fractionally higher, reversing a midday slide, 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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