Sector Update: Financial

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 0.9% and the Financial Select Sector SPDR Fund (XLF) adding 1.2%.

The Philadelphia Housing Index was shedding 1%, while the Real Estate Select Sector SPDR Fund (XLRE) was up 0.2%.

Bitcoin (BTC/USD) was increasing 1.3% to $64,316, and the yield for 10-year US Treasuries was down 3 basis points to 4.62%.

In economic news, Chicago Federal Reserve President Austan Goolsbee said progress made by the Federal Reserve in easing inflationary pressures has "stalled," and it "makes sense" to extend the pause rather than cut interest rates.

In corporate news, Blackstone's BX funds business Strategic Partners sold a portfolio of private equity fund interests worth $1.1 billion to Ares Management ARES, Bloomberg reported Friday. Blackstone shares retreated 1.5%, while Ares was down 0.9%.