Financial stocks gained in late Friday afternoon trading, with the NYSE Financial Index climbing 2% and the Financial Select Sector SPDR Fund (XLF) advancing 1.8%.

The Philadelphia Housing Index was up 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 1.1%.

Bitcoin (BTC-USD) climbed 5.1% to $83,651, and the yield for 10-year US Treasuries rose 9.9 basis points to 4.49%.

In economic news, the US Producer Price Index fell 0.4% in March following a 0.1% gain in February, versus a 0.2% increase expected in a survey compiled by Bloomberg. After excluding food and energy prices, core PPI declined 0.1%, in contrast with the 0.3% gain expected and following a 0.1% gain in the previous month. PPI was up 2.7% in March from a year earlier, while core PPI rose by 3.3%, slower than their respective 3.2% and 3.5% February rates.

China raised import levies on the US to 125% from 84%, retaliating against President Donald Trump's decision to jack up tariffs on the Asian nation.

In sector news, BlackRock (BLK) Chief Executive Larry Fink said Friday that the tariffs announced by President Trump on various countries went beyond his imagination. "The sweeping US tariff announcements went beyond anything I could have imagined in my 49 years in finance," Fink said on the company's Q1 earnings call, according to a FactSet transcript. Fink said the market turmoil affects "millions of ordinary people's retirement savings."

In corporate news, HSBC (HSBC) is looking into private credit to bolster revenue after months of job cuts, restructuring, and a retreat from investment banking, Reuters reported. HSBC shares rose 3.6%.

JPMorgan Chase (JPM) reported better-than-expected Q1 results Friday amid double-digit gains in investment banking fees, while Chief Executive Jamie Dimon said the economy is facing "considerable turbulence" due to tariffs and trade volatility. Its shares jumped 4.7%.

Morgan Stanley's (MS) Q1 results topped market expectations as equity trading revenue increased, while the investment bank said the US economy is unlikely to slip into a recession. Its shares rose 2%.

Wells Fargo's (WFC) Q1 earnings came in ahead of Wall Street's estimates, while revenue fell more than expected, as the bank's Chief Executive Charlie Scharf called for a quick resolution to trade issues that have gripped markets recently. Its shares were down 0.3%.