Financial Sector Update for 01/19/2023: IIPR, NTRS, ALL, CMA
Financial stocks pared a portion of their prior declines, with the NYSE Financial Index on Thursday sinking 0.6% and the Financial Select Sector SPDR Fund (XLF) falling 1.0%.
The Philadelphia Housing Index was dropping 2%, but the Real Estate Select Sector SPDR Fund (XLRE) was climbing less than 0.1%. Data Thursday showed US housing starts fell 1.4% during December to an annualized rate of 1.382 million compared with market expectations for a 1.358 million rate. Contractors also pulled 1.6% fewer building permits in December for a 1.33 million rate, compared with forecasts looking for a 1.365 million rate.
Bitcoin was advancing 1.4% to $21,153, reversing a midday dip, while the yield for 10-year US Treasuries was climbing 2.2 basis points to 3.397%.
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