Financial stocks were sharply higher in Wednesday afternoon trading, with the NYSE Financial Index up 4.5% and the Financial Select Sector SPDR Fund (XLF) climbing 6.1%.

The Philadelphia Housing Index spiked 6.6%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 4.9%.

Bitcoin (BTC-USD) gained 5.3% to $81,449, and the yield for 10-year US Treasuries jumped 11.6 basis points to 4.38%.

In economic news, President Donald Trump said Wednesday on Truth Social that he is raising tariffs on China to 125%, effective immediately. "At some point, hopefully in the near future, China will realize that the days of ripping off the US, and other Countries, is no longer sustainable or acceptable," Trump said. In the same post, Trump said he has authorized a 90-day pause and a "substantially lowered" reciprocal tariff of 10% on countries that have not "retaliated in any way, shape, or form against the United States," effective immediately.

In corporate news, BlackRock (BLK) has subscribed to about a third of Adani Group's $750 million offshore private placement bond to back the acquisition of a construction firm, Bloomberg reported. BlackRock shares rose past 8%.

KKR (KKR) and EQT said Wednesday that EQT VIII fund has agreed to sell Karo Healthcare to KKR. Financial terms of the transaction were not disclosed. The deal is set to close within the coming months, the companies said. KKR shares jumped 14%.