Sector Update: Financial Stocks Ride Market Optimism to Strong Tuesday Gains

Last Updated: Tuesday, October 19, 2021 3:50 PM | MT Newswires

Financial stocks continued their advance during afternoon trading, with the NYSE Financial Index rising 0.8% while the SPDR Financial Select Sector ETF (XLF) also was ahead 0.6%.

The Philadelphia Housing Index, however, was falling 0.1%, and the SPDR Real Estate Select Sector ETF (XLRE) was up 0.5% after data showed US housing starts fell to a 1.555 million annualized pace, missing the 1.58 million forecast. Contractors also pulled fewer new building permits than expected, according to the Census Bureau.

Bitcoin was trading 4.3% higher at $63,739.84 while the yield for 10-year US Treasuries was 1.635%, up 3.2%.

In company news, Paysafe (PSFE) added 4.5% after saying it has expanded its partnership with Zen.com, with customers in 25 European countries now able to deposit cash into their virtual wallets and manage accounts in 30 currencies either for currency exchange or as a payment card.

The ProShares Bitcoin Strategy ETF (BITO) was 4.5% higher late during its first day of trading. The fund will not directly own bitcoins but instead is investing largely in bitcoin futures contracts, providing investors with exposure to bitcoin returns without first getting a cryptocurrency exchange account or a crypto-wallet.

The Travelers Companies (TRV) rose 1.4% after the insurer, and Dow component reported core Q3 net income of $2.60 per share, down almost 17% from the same quarter last year but still breezing past the $1.96 per share Street view. Revenue increased 6.4% to $8.81 billion, also topping expectations for $7.75 billion.

Blockchain Moon Acquisition (BMAQU) climbed 1.2%, trading within a very tight range, after the blank check company targeting blockchain technology firms overnight priced a $100 million initial public offering of 10 million units at $10 apiece.

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