Sector Update: Financial Stocks Higher Late Afternoon

03:59 PM EDT, 04/08/2026 (MT Newswires) -- Financial stocks rose late Wednesday afternoon, with the NYSE Financial Index rising 2.8% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.4%.

The Philadelphia Housing Index gained 4.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.7%.

Bitcoin (BTC-USD) was up 3.5% at $71,297, and the yield for 10-year US Treasuries fell 5.2 basis points to 4.29%.

In economic news, Federal Open Market Committee participants emphasized the need to remain "nimble" in responding to incoming data, with views still mixed on the future policy path, minutes of the March 17-18 FOMC meeting released Wednesday showed.

Mortgage applications in the US fell last week amid elevated rates and continued macro uncertainty, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, declined 0.8% for the week through Friday on a seasonally adjusted basis. Without adjustments, the index decreased 1% week over week.

In corporate news, LPL Financial (LPLA) shares popped 4.5% after UBS upgraded the stock to buy from neutral while lowering its price target to $380 from $406.

BlackRock's (BLK) Global Infrastructure Partners and KKR (KKR) are among the potential bidders for a controlling stake in Associated British Ports valued at about 10 billion British pounds ($13.47 billion), Bloomberg reported. BlackRock (BLK) shares climbed 5.1%, and KKR added 3.4%.

Apollo Global Management (APO)-managed (APO) funds, Brookfield Asset Management (BAM) , Sumitomo, and SMBC Aviation Capital said Wednesday they completed the acquisition of Air Lease for about $7.4 billion, or $28.2 billion inclusive of debt obligations, and renamed the company Sumisho Air Lease. Apollo shares rose 0.9%, and Brookfield added 2.8%.

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