Industry Update: Financial stocks remain positive this afternoon


Financial stocks were up in afternoon trading, with the NYSE Financial Index rising 0.5% on Friday while the SPDR Financial Select Sector ETF (XLF) was ahead 0.8%.

Philadelphia’s housing index fell 0.7%, but the SPDR Real Estate Select Sector ETF (XLRE) rose 0.4% after new data showed an unexpected 4.1% drop in home sales pending in February compared to market expectations for a 1.0% increase last month.

Bitcoin rose 1.2% to $44,304, while the yield on 10-year U.S. Treasuries rose 14.1 basis points to 2.482%.

In company news, Investors Bancorp (ISBC) was lower this afternoon after an early 1.2% advance, which followed signing by the Federal Reserve Board of Governors and the Office of the Comptroller. currency from the proposed acquisition of the bank holding company by Citizen Financial Group (CFG). Citizen stocks were slightly lower this afternoon.

Postal Realty Trust (PSTL) fell 2.6% after BMO Capital downgraded its stock rating for the real estate investment trust on Friday to outperform the market from previous outperformance.

Midwest Holding (MDWT) fell more than 10% after the life insurance company announced on Friday that it had hired Eric Berg to be its new chief financial officer. He joins Midwest Holding from Aviva India, an insurer and asset manager based in New Delhi, where he was head of finance, and succeeds interim chief financial officer Georgette Cecelia Nicholas.

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