Financial stocks rose in late Wednesday afternoon trading with the NYSE Financial Index adding 0.4% and the Financial Select Sector SPDR Fund (XLF) up 0.1%.

The Philadelphia Housing Index shed 0.7%, and the Real Estate Select Sector SPDR Fund (XLRE) eased 0.4%.

Bitcoin (BTC-USD) gained 4.6% to $101,182, and the yield for 10-year US Treasuries climbed 5 basis points to 4.27%.

In economic news, the consumer price index increased 0.3% in November, up from 0.2% in each of the previous four months, the Bureau of Labor Statistics reported. Annually, inflation accelerated to 2.7% from October's 2.6% pace. Both measures were in line with forecasts in a Bloomberg survey.

Mortgage applications last week in the US continued to rise, buoyed by refinance activity, as rates across most loan types decreased, the Mortgage Bankers Association said.

In corporate news, HSBC (HSBC) plans to save at least $3 billion by cutting costs as part of a global restructuring effort led by new Chief Executive Officer Georges Elhedery, Bloomberg reported. HSBC shares rose 1.3%.

Voya Financial (VOYA) shares fell 1.3% after BofA Securities and RBC cut their price targets on the stock. BofA downgraded the company to neutral from buy, and RBC reiterated its outperform rating.

Blackstone (BX) decided not to proceed with a joint takeover bid for eyecare company Bausch + Lomb (BLCO), the Financial Times reported. Blackstone shares rose 1.7% and Bausch + Lomb tumbled 13%.

TPG (TPG) co-founder David Bonderman died at age 82, the private equity company said.