Sector update: Financial stocks climb Thursday, overcoming post-profit weakness at some big banks

Financial stocks were advancing in afternoon trading, with the NYSE financial index on Thursday rising 1.1% while the SPDR Financial Select Sector ETF (XLF) was ahead 1.2%.

The Philadelphia housing index also climbed 2.0% and the SPDR Real Estate Select Sector ETF (XLRE) rose 1.3%.

In company news, Everest Re Group (RE) rose 4.7% after the reinsurer on Thursday reported pre-tax net catastrophe losses of $ 635 million for its third quarter ended Sept. 30, deducting made recoveries and reinstatement bonuses.

Bank of America (BAC) climbed 3% after reporting improved third-quarter earnings and revenue also beating analysts’ forecasts. The financial services giant earned $ 0.85 per share in the three months ended Sept. 30, down from $ 0.51 per share in the previous year’s quarter, while revenue rose 11.9 % to reach $ 22.77 billion. Analysts polled by Capital IQ on average expected earnings of $ 0.71 per share on revenue of $ 21.60 billion.

Synchrony Financial (SYF) added 1.6% after saying Thursday that its digital payments, private label credit cards and other products are now available to merchants using the point of sale and management platform Fiserv’s Clover Company (FISV). Fiserv shares were up 2.6% this afternoon.

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