Sector Update: Financial

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the Financial Select Sector SPDR Fund (XLF) ahead 0.5%.

The Philadelphia Housing Index was climbing 3.1%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 1.6%.

Bitcoin (BTC/USD) gained 5.5% to $64,932, and the yield for 10-year US Treasuries tumbled 10 basis points to 4.34%.

In economic news, the consumer price index advanced 0.3% sequentially last month, the Bureau of Labor Statistics reported. The pace decelerated from March's 0.4% rate, which was also Wall Street's consensus, according to a Bloomberg-compiled survey. Annually, inflation slowed to 3.4% from 3.5%, in line with analysts' expectations.

US retail sales held steady last month versus market views for a rise as spending gains at gas stations and appliance stores helped counter declines in the auto and non-store retailer components, Census Bureau data showed. Sales were flat in April following March's downwardly revised 0.6% rise. Analysts were modeling for a 0.4% increase, according to a consensus survey compiled by Bloomberg.

In corporate news, HMN Financial HMNF shares jumped 20% after the announcement that Alerus Financial ALRS has agreed to buy HMN Financial in an all-stock deal valued at about $116.4 million. Alerus shares fell 3.3%.