Sector Update: Financial Stocks Advance Late Afternoon

MT Newswires Live01-17

Financial stocks were rising in late Thursday afternoon trading, with the NYSE Financial Index up 0.3% and the Financial Select Sector SPDR Fund (XLF) adding 0.6%.

The Philadelphia Housing Index was rising 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) climbed 2.2%.

Bitcoin (BTC-USD) was increasing 0.7% to $100,508, and the yield for 10-year US Treasuries was dropping 4.5 basis points to 4.61%.

In economic news, US retail sales grew by 0.4% in December, versus the 0.8% increase in November and a 0.6% gain expected in a survey compiled by Bloomberg.

In corporate news, Citigroup (C) has carried out additional job cuts this week as executives followed up on Chief Executive Jane Fraser's focus on cutting expenses, Bloomberg reported. Citi shares were up 0.4%.

HSBC (HSBC) has told employees in its corporate and institutional banking arm to expect lower payouts as part of cost reduction measures amid restructuring, Bloomberg reported. HSBC shares rose 1.4%.

American Express (AXP) agreed to pay $108.7 million to settle claims it deceptively marketed credit card and wire transfer products and deceived its affiliate bank by feeding "dummy" information, the US Department of Justice said Thursday. American Express shares eased 0.2%.

Morgan Stanley (MS) shares popped 4%. The company reported better-than-expected Q4 results on Thursday, buoyed by its investment banking business, which reflected increased deal activity and initial public offerings.

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