Sector Update: Financial Stocks Rise In Post-Holiday Trading

Financial stocks advanced in afternoon trading, with the NYSE financial index rising 0.6%, while the SPDR Financial Select Sector ETF (XLF) was ahead 0.6%. The Philadelphia housing index was up 0.8% and the SPDR Real Estate Select Sector ETF (XLRE) was up 0.8%.

Bitcoin was 3.1% lower at $ 51,915, while the yield on 10-year U.S. Treasuries was 0.9 basis points lower at 1.484%.

In company news, China Finance Online Co (JRJC) added 2.4% after valuing $ 13.2 million private placement of 2.2 million U.S. depositary shares at $ 6 apiece , or 10.3% below its most recent close in US trade. Investors also received an equal number of five-year warrants exercisable at $ 7.60 per ADS.

Braemar Hotels & Resorts (BHR) rose 1.1% after the real estate investment trust announced on Monday its purchase for $ 186.6 of the 96-room Dorado Beach Ritz-Carlton hotel in Dorado, Puerto Rico, for a fee $ 104 million in cash and issuing 6 million of its joint stock shares as well as assuming a $ 54 million mortgage. The deal also includes the flow of income from fourteen luxury residential units adjacent to the resort property through a rental management program.

S&P Global (SPGI) and IHS Markit (INFO) were trading slightly higher after Monday announcing the sale of two of their financial data subsidiaries as part of efforts to clear the regulatory gathering ahead of their proposed merger of 44 billion dollars. In an agreement, FactSet Research Systems (FDS) acquires the Cusip Global Services unit of S&P for $ 1.93 billion. At the same time, News Corp (NWS, NWSA) plans to buy the Base Chemicals price data and analysis business from IHS Markit for $ 295 million. FactSet shares rose nearly 1%, while News Corp was up 1.7% this afternoon.

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