Sector Update: Financial Stocks Higher Thursday Afternoon

MT Newswires Live01-31

Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 1.4% and the Financial Select Sector SPDR Fund (XLF) up 1.4%.

The Philadelphia Housing Index was climbing 2.8%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 2%.

Bitcoin (BTC-USD) was up 2.4% at $105,271, and the yield for 10-year US Treasuries was shedding 3.1 basis points to 4.52%.

In economic news, US GDP rose by 2.3% in the advance estimate for Q4, below a 2.6% gain expected in a survey compiled by Bloomberg and slower than a 3.1% growth in Q3.

US initial jobless claims fell to 207,000 in the week ended Jan. 25 from 223,000 in the previous week, compared with expectations for 225,000 in a survey compiled by Bloomberg.

In corporate news, Mastercard (MA) reported better-than-expected Q4 results amid robust consumer spending, while growth in the value of transactions processed on its platform accelerated year over year. Its shares popped 4%.

Flagstar Financial (FLG) shares jumped 15% after it reported a Q4 adjusted loss of $0.34 per share, narrowing from a loss of $0.80 a year earlier.

Cullen/Frost Bankers (CFR) shares rose 4.3% after it reported Q4 earnings of $2.36 per share, up from $1.55 a year earlier.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment