03:54 PM EDT, 03/19/2025 (MT Newswires) -- Financial stocks rose in late Wednesday afternoon trading, with the NYSE Financial Index adding 1% and the Financial Select Sector SPDR Fund (XLF) up 1.4%.

The Philadelphia Housing Index climbed 1.7%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.5%.

Bitcoin (BTC-USD) rose 4.2% to $85,449, and the yield for 10-year US Treasuries dropped 2.5 basis points to 4.26%.

In economic news, the Federal Open Market Committee does not need to rush to lower interest rates, particularly due to the heightened uncertainty around the economy in general and tariffs particularly, Federal Reserve Chairman Jerome Powell said Wednesday in a press conference after the FOMC meeting. The FOMC held the current range of the federal funds rate at 4.25% to 4.50%.

In corporate news, HSBC ( HSBC ) is in advanced talks to sell its German fund administration unit Inka to private equity firm BlackFin Capital Partners, Bloomberg reported. HSBC ( HSBC ) shares added 0.4%.

BlackRock ( BLK ) and insurers Allianz and T&D are investing 3.5 billion euros ($3.81 billion) in European life insurance consolidation platform Viridium. BlackRock ( BLK ) shares shed 0.2%.

Apollo Global Management ( APO ) shares popped 4.6%. Funds managed by the company's affiliates agreed to buy a majority stake in OEG Energy in a deal valued at more than $1 billion.

Banco Santander (SAN) said Wednesday it plans to shut down 95 branches in the UK, beginning in June. Santander shares were down 0.8%.