Financial stocks were sharply higher in Wednesday afternoon trading, with the NYSE Financial Index climbing 3.9% and the Financial Select Sector SPDR Fund (XLF) jumping 6.1%.
The Philadelphia Housing Index was falling 1.8%, and the Real Estate Select Sector SPDR Fund (XLRE) slumped 3.2%.
Bitcoin (BTC-USD) jumped 7.9% to $74,893, and the yield for 10-year US Treasuries surged 13 basis points to 4.42%.
In economic news, mortgage applications fell by 10.8% in the week ended Nov. 1, driven lower by a further increase in mortgage rates to their highest point since July, according to data released by the Mortgage Bankers Association.
In corporate news, Capital One Financial's (COF) planned acquisition of Discover Financial Services (DFS) received a big boost from Donald Trump's victory in the US presidential election, Bloomberg Intelligence analyst Jennifer Rie said in a note. Capital One and Discover shares jumped 15% and 18% respectively.
Blackstone (BX) entered a definitive agreement under which Blackstone Real Estate Partners X will buy all outstanding shares of Retail Opportunity Investments (ROIC) for $17.50 per share in an all-cash deal valued at about $4 billion, including debt, the companies said Wednesday. Blackstone shares popped 4.4% and Retail Opportunity climbed 4.6%.
BlackRock (BLK) is preparing a private credit loan fund that will let it raise as much as $1.3 billion it can distribute to existing investors, Bloomberg reported. BlackRock shares rose 0.6%.
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