Sector Update: Financial Stocks Advance Late Afternoon

MT Newswires Live

May 03

Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index adding 1.9% and the Financial Select Sector SPDR Fund (XLF) climbing 2.4%.

The Philadelphia Housing Index gained 2%, and the Real Estate Select Sector SPDR Fund (XLRE) was 1.5% higher.

Bitcoin (BTC-USD) increased 0.7% to $97,190, and the yield for 10-year US Treasuries rose 8.1 basis points to 4.31%.

In economic news, nonfarm payrolls climbed 177,000 in April, the Bureau of Labor Statistics reported. The consensus was for a 138,000 increase, according to a Bloomberg survey.

In corporate news, Franklin Resources (BEN) shares jumped 7% following its fiscal Q2 results.

KKR (KKR) remains a "compelling investment" after solid Q1 results, Oppenheimer said. It raised its price target to $143 from $138 and kept its outperform rating. KKR shares rose 2.4%.

LendingTree (TREE) shares fell past 20% after reporting Q1 revenue that missed analysts' expectations and cutting its full-year revenue guidance in the previous day.

Block (XYZ) shares dropped nearly 21% after several analysts downgraded the stock following its Q1 results.

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