Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 1%.

The Philadelphia Housing Index was climbing 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.8%.

Bitcoin (BTC-USD) was increasing 1.6% to $68,014, and the yield for 10-year US Treasuries was down 2 basis points to 4.02%.

In economic news, the New York Federal Reserve's services index fell to minus 2.2 in October from 0.5 in September.

US import prices fell 0.4% in September, versus the 0.3% decrease expected in a survey compiled by Bloomberg and a 0.2% drop in August. Export prices declined 0.7% in September, compared with expectations for a 0.4% fall and a 0.9% decline in August.

In corporate news, Morgan Stanley (MS) posted stronger-than-expected Q3 results on Wednesday amid higher asset levels and investment banking gains that reflected increased deal activity and initial public offerings. Its shares jumped 6.7%.

US Bancorp's (USB) Q3 results fell year over year but earnings topped market estimates as the company saw lower expenses in the period. Its shares popped 4.8%.

Eldridge Industries has agreed to buy a 10% stake in Blue Owl Capital's (OWL) GP Stakes III fund, Bloomberg reported. Blue Owl shares rose 2.2%.