Sector Update: Financial Stocks Advance Monday Afternoon

MT Newswires Live
02-25

Financial stocks were higher in Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the Financial Select Sector SPDR Fund (XLF) adding 1%.

The Philadelphia Housing Index was 0.2% higher, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.9%.

Bitcoin (BTC-USD) was declining 1.4% to $94,450, and the yield for 10-year US Treasuries was decreasing 3.2 basis points to 4.398%.

In economic news, the Dallas Fed's monthly manufacturing index fell to minus 8.3 in February from 14.1 in January, compared with expectations for 6.4 in a survey compiled by Bloomberg.

In regulatory news, the US Securities and Exchange Commission plans to lay off top leaders at regional offices across the country amid cost-cutting scrutiny by the Trump administration, Reuters reported.

In corporate news, Apollo Global Management (APO) has agreed to buy and take private real estate-focused investment firm Bridge Investment Group (BRDG) in an all-stock deal worth $1.5 billion that is expected to strengthen Apollo's real estate equity platform. Apollo shares fell 1% and Bridge jumped 36%.

Robinhood (HOOD) said Monday that the US Securities and Exchange Commission dropped an investigation into its crypto business. Robinhood shares were down 1.7%.

Blackstone's (BX) Blackstone Infrastructure has agreed to buy the Safe Harbor Marinas business from Sun Communities (SUI) for $5.65 billion, the companies said Monday. Blackstone shares rose 0.6%, while Sun Communities popped 7.1%.

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