Financial Wire

Sector Update: Financial Stocks Rise Friday Afternoon

-- Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index gaining 1.9% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 1.8%.

The Philadelphia Housing Index jumped 5.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.

Bitcoin (BTC-USD) popped 3.7% to $77,919, and the yield for 10-year US Treasuries dropped 7.7 basis points to 4.23%.

In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.

In corporate news, Fifth Third Bancorp (FITB) shares gained 2.2% after it reported a surprise Q1 profit on Friday.

Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares rose 3%.

Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 3.3%.

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