Sector Update: Financial Stocks Climb Late Afternoon

04:03 PM EDT, 09/04/2025 (MT Newswires) -- Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding 1%.

The Philadelphia Housing Index climbed 2.5%, and the Real Estate Select Sector SPDR Fund (XLRE) rose 0.6%.

Bitcoin (BTC-USD) fell 1.6% to $109,970, and the yield for 10-year US Treasuries dropped 4 basis points to 4.18%.

In economic news, the US Department of Justice has initiated a criminal investigation into Federal Reserve Governor Lisa Cook, probing whether she submitted fraudulent mortgage application information, The Wall Street Journal reported.

ADP's monthly measure of private payrolls showed a 54,000 gain in August, lower than the 68,000 rise expected in a Bloomberg poll and following an upwardly revised 106,000 increase in July.

Initial jobless claims rose to a level of 237,000 in the week ended Aug. 30 from 229,000 in the previous week, against expectations for a smaller rise to 230,000 in a Bloomberg poll.

In corporate news, Apollo Global Management (APO) has settled with two former executives of its insurance subsidiary Athene just days before their case was set to go to trial, Bloomberg reported. Apollo shares rose 1.6%.

Goldman Sachs (GS) plans to buy up to $1 billion worth of T. Rowe Price (TROW) shares as they collaborate to offer retirement and wealth management products. Goldman aims to acquire up to a 3.5% stake in the asset management firm through a series of open-market stock purchases. T. Rowe shares jumped 5.3%, and Goldman rose 2.5%.

BlackRock (BLK) will manage about $80 billion in assets for thousands of Citigroup's (C) Citi Wealth clients under a new portfolio offering called Citi Portfolio Solutions powered by BlackRock (BLK), Citi Wealth said Thursday. BlackRock (BLK) shares added 0.7%, and Citi gained 2.2%.

Blackstone (BX) and State Street (STT) Investment Management are teaming up to roll out an exchange-traded fund focused on European collateralized loan obligations, Bloomberg reported. Blackstone shares rose 1.5%, and State Street increased 0.9%.

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