Financial stocks advanced in Tuesday afternoon trading, with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund (XLF) up 0.9%.
The Philadelphia Housing Index climbed 2.3%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 0.8%.
Bitcoin (BTC-USD) rose 5.4% to $96,779, and the yield for 10-year US Treasuries was little changed at 4.81%.
In economic news, the US producer price index grew 0.2% in December, slower than a 0.4% increase in November and below the 0.4% gain expected in a survey compiled by Bloomberg.
In corporate news, JPMorgan Chase (JPM) said Daniel Pinto will step down as chief operating officer later this year with current executive Jennifer Piepszak succeeding him as part of a senior management shuffle. JPMorgan shares rose 0.7%.
B. Riley Financial (RILY) shares jumped 17% after the firm filed its quarterly report on form 10-Q for the three months ended June 30, 2024. It said the results are "consistent" with the preliminary figures released on Aug. 12, 2024.
Capital One Financial (COF) and its Capital One unit have been sued by the US Consumer Financial Protection Bureau for allegedly "cheating" clients out of over $2 billion in interest payments on savings accounts, the regulator said Tuesday. Capital One Financial shares were rising 2.3%.
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