Sector Update: Financial Stocks Gain Friday Afternoon

MT Newswires Live
2024-12-21

Financial stocks advanced in Friday afternoon trading with the NYSE Financial Index gaining 1.4% and the Financial Select Sector SPDR Fund (XLF) climbing 1.6%.

The Philadelphia Housing Index rose 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) jumped 2.4%.

Bitcoin (BTC-USD) fell 0.8% to $96,822, and the yield for 10-year US Treasuries dropped 5.4 basis points to 4.516%.

In economic news, the headline PCE price index grew 0.1% in November versus a 0.2% increase in October. Year over year, inflation climbed to 2.4% from 2.3%. Wall Street was expecting 0.2% sequential and 2.5% annualized. The Fed's preferred core measure, which excludes food and energy, was flat at 2.8% annually but eased to 0.1% from 0.3% sequentially. The market predicted 2.9% and 0.2% growth, respectively.

In corporate news, the Consumer Financial Protection Bureau said it was suing the operator of Zelle, Early Warning Services, and Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC) for allegedly failing to protect consumers from fraud on the Zelle payment network. Bank of America shares rose 1.8%, JPMorgan gained 2.2% and Wells Fargo added 2.2%.

Wells Fargo and LPL Financial (LPLA) each agreed to pay a $900,000 civil penalty to settle charges for submitting incomplete and inaccurate securities trading data, the US Securities and Exchange Commission said. LPL Financial shares were little changed.

Innovative Industrial Properties (IIPR) shares tumbled 21%. The company said that PharmaCann defaulted on December rent obligations for six properties in six states totaling $4.2 million.

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