Sector Update: Financial Stocks Advance Monday Afternoon

MT Newswires Live
03-18

Financial stocks were rising in Monday afternoon trading, with the NYSE Financial Index adding 1.1% and the Financial Select Sector SPDR Fund (XLF) up 1.2%.

The Philadelphia Housing Index rose 1%, and the Real Estate Select Sector SPDR Fund (XLRE) climbed 1.7%.

Bitcoin (BTC-USD) was increasing 0.7% to $84,206, and the yield for 10-year US Treasuries was dropping 2.7 basis points to 4.28%.

In economic news, US retail sales rose 0.2% in February, lower than the 0.6% increase expected in a survey compiled by Bloomberg and following the previous month's revised 1.2% fall.

The National Association of Home Builders' monthly housing market index fell to a reading of 39 in March from 42 in February, compared with expectations for no change in a survey compiled by Bloomberg.

In corporate news, Affirm (AFRM) shares fell 7.1% after CNBC reported that Walmart (WMT) is making Klarna the exclusive provider of its buy now, pay later loans.

Robinhood Markets (HOOD) shares jumped 7%. The company on Monday launched a prediction markets hub inside its app, allowing users to trade on event outcomes.

MetroCity Bankshares (MCBS) said Monday it signed a definite merger deal to buy First IC, the parent company of First IC Bank based in Doraville, Georgia, for roughly $206 million in cash and stock, subject to closing adjustments. MetroCity shares were down 1%.

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