Sector Update: Financial

Financial stocks were declining in Wednesday afternoon trading, with the NYSE Financial Index shedding 0.5% and the Financial Select Sector SPDR Fund (XLF) off 0.2%.

The Philadelphia Housing Index was falling 2% and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.2%.

Bitcoin (BTC/USD) was dropping 2.7% to $64,939, and the yield for 10-year US Treasuries was rising 6 basis points to 4.66%.

In economic news, new orders for US durable goods rose 2.6% in March following a downwardly revised gain of 0.7%, above expectations for a 2.5% increase in a survey compiled by Bloomberg. Excluding a 7.7% jump in transportation orders, new orders would have been up only 0.2% in March, as expected after a 0.1% increase in February.

In corporate news, B. Riley Financial RILY shares surged more than 36% after it said Wednesday it has filed its annual report on Form 10-K for the fiscal year ended Dec. 31, after a prolonged delay. An independent audit committee investigation confirmed that B. Riley and its executives had no involvement with any of the alleged misconduct concerning Brian Kahn or any of his affiliates, the company said. Kahn was a company client who had been linked to securities fraud.