Sector Update: Financial Stocks Gain Friday Afternoon

MT Newswires Live
05-03

Financial stocks advanced in Friday afternoon trading with the NYSE Financial Index rising 1.8% and the Financial Select Sector SPDR Fund (XLF) up 2.1%.

The Philadelphia Housing Index climbed 1.7%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 1.3%.

Bitcoin (BTC-USD) increased 0.9% to $97,313, and the yield for 10-year US Treasuries rose 9.8 basis points to 4.319%.

In economic news, nonfarm payrolls climbed 177,000 in April, the Bureau of Labor Statistics reported. The consensus was for a 138,000 increase, according to a Bloomberg survey.

In corporate news, Goldman Sachs (GS) is removing references to race from its major diversity initiative "One Million Black Women" amid legal concerns, the Wall Street Journal reported. Goldman shares rose 2.6%.

Piper Sandler (PIPR) shares gained 4.1% after the company reported Q1 adjusted earnings that topped Wall Street estimates.

Two Democratic lawmakers urged the Federal Reserve to reconsider its approval of Capital One Financial's (COF) proposed acquisition of Discover Financial Services (DFS), Bloomberg reported, citing a letter sent to the Fed this week by Senator Elizabeth Warren and Representative Maxine Waters. Capital One and Discover shares both rose 4.6%.

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