Sector Update: Financial Stocks Gain Late Afternoon
MT newswire2026/10/05 19:5703:57 PM EDT, 10/05/2026 (MT Newswires) -- Financial stocks rose in late Monday afternoon trading with the NYSE Financial Index adding 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.7%. The Philadelphia Housing Index fell 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) declined 0.3%. Bitcoin (BTC-USD) shed 1% to $85,673, and the yield for 10-year US Treasuries rose 3.4 basis points to 5.31%. In economic news, the Institute for Supply Management's US services index fell to 54.9 in September from 55.4 in August, compared with expectations for 55.0 in a survey compiled by Bloomberg. The S&P Global US services index rose to 58.8 in September from a 58.7 flash reading and was up from 56.5 reported in August, compared with expectations for no revision in a survey compiled by Bloomberg. In corporate news, Citigroup (C) is reducing its investment banking analyst program to two years from three to retain junior bankers amid competition from private equity firms, Bloomberg reported. Citi shares were fractionally lower. Allstate (ALL) is among six major insurers facing a Senate probe into claim payment practices, the Wall Street Journal reported, citing senators' letters. Allstate shares were up 0.4%. Intercontinental Exchange (ICE) launched new tanker and container freight futures and options as average daily volume across its freight markets rose 33% this year. The shares rose 1.3%. Ares Management (ARES) is seeking a multimillion-pound upfront payment from BT Group in exchange for supporting a potential takeover of struggling broadband provider TalkTalk, Sky News reported. Ares shares were down 0.6%.
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BUZZ - Gordon Haskett upgrades Dollar General to "Buy," stock price rises
On October 6th: - Shares of discount retailer Dollar General (DG.N) rose about 3% in afternoon trading, closing at $122.34. - Gordon Haskett raised its rating to "Buy" with a target price of $140 after meeting with company management. - The brokerage said that as high gasoline prices put pressure on household budgets, higher-income consumers are increasingly shopping at Dollar General, creating opportunities for the company to further expand its market share. - The firm added that, despite rising fuel costs, consumption patterns among lower-income consumers have stabilized and adjusted accordingly, thanks to ongoing stability in employment conditions. - The brokerage noted that consumers prefer shopping at stores closer to home and are making purchases more frequently, although the quantity of products per purchase has decreased; these trends are seen as favorable for Dollar General. - The company is working to expand its $1 products lineup, planning to increase the number of seasonal $1 items by 40% in the second half of this year. - Dollar General stated that its distribution partnerships help attract new customers and capture market share from traditional grocery and pharmacy retailers. - According to data compiled by London Stock Exchange Group (LSEG), out of 32 brokerages covering the stock, 13 rate it as "Buy" or higher, 18 as "Hold," and 1 as "Sell", with a median target price of $140. - As of the previous trading session's close, the stock has fallen about 8% year-to-date. (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Because automated translation may be inaccurate or lack the required context, Reuters does not guarantee the accuracy of these automated translations and provides them solely for the convenience of readers. Reuters is not responsible for any damage or loss caused by the use of such translation features.)
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