Sector Update: Financial Stocks Advance Monday Afternoon

MT Newswires Live
01-07

Financial stocks rose in Monday afternoon trading with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund (XLF) gaining 0.2%.

The Philadelphia Housing Index added 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) fell 0.7%.

Bitcoin (BTC-USD) gained 3.7% to $101,945, and the yield for 10-year US Treasuries climbed 2.6 basis points to 4.622%.

In economic news, new orders for US factory goods fell 0.4% in November, as expected in a survey compiled by Bloomberg, with a revised 0.5% increase in October.

The S&P Global US services index was revised downward to 56.8 in December from the 58.5 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg.

In regulatory news, the Federal Reserve said Vice Chair for Supervision Michael Barr will step down, effective Feb. 28, but will remain a governor on the Federal Reserve Board.

In corporate news, Navient (NAVI) shares rose 3%. The company agreed to sell its government services business to Gallant Capital Partners.

Berkshire Hathaway-owned (BRK.A) nonbank financing company Vanderbilt Mortgage & Finance is facing a lawsuit from the US Consumer Financial Protection Bureau over alleged risky home loans, the CFPB said Monday. Berkshire shares eased 0.3%.

Bank of Nova Scotia (BNS) shares added 1.1%. The company agreed to transfer its banking operations in Colombia, Costa Rica and Panama to Davivienda for a 20% stake in the newly combined entity.

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