Industry update: Financial stocks climb with broader markets on Tuesday
Financial stocks rose in afternoon trading, with the NYSE Financial Index up 2.3% and the SPDR Financial Select Sector ETF (XLF) ahead 1.9%.
Philadelphia’s housing index rose 1.3% and the SPDR Real Estate Select Sector ETF (XLRE) was ahead 2.7% after the National Association of Realtors said sales of existing homes fell by 8.6% in May from year-ago levels to 5.41 million annualized. units, falling at their slowest pace since June 2020 and broadly matching market estimates for the period.
Bitcoin rose 5.2% to $21,358, while the yield on 10-year U.S. Treasuries rose 6.3 basis points to 3.302%.
In company news, Terreno Realty (TRNO) rose 1.1% after the real estate investment trust announced on Tuesday that it had acquired an upgraded 3.5-acre industrial property in suburban Seattle for 19.9 millions of dollars. The Redmond, Washington property is 38% leased to a single tenant, Terreno said.
Janus Henderson Group (JHG) climbed 1% after the fixed-income investment firm introduced Ali Dibadj as its new CEO on Tuesday, the former head of strategy at AllianceBernstein (AB) succeeding CFO Roger Thompson , who served as interim CEO. since April 1.
Cincinnati Financial (CINF) added 0.8% after the P&C insurer announced on Tuesday that Martin Hollenbeck will retire as chief investment officer on Sept. 30 after 14 years in the role and will be replaced by Steven Soloria, currently vice-president. president of the company’s investments. .