Financial stocks were finishing near their session highs after the Federal Reserve Wednesday said it will keep the target interest rate near zero for as long as the COVID-19 crisis lasts. In late trade, the NYSE Financial Index was rising 4.5% while the SPDR Financial Select Sector ETF was advancing 3.6%.
The Philadelphia Housing Index was ahead 5.3%.
In company news, Banco Santander Chile (BSAC) rose 6.5% on Wednesday after the bank reported a 20.3% increase in Q1 revenue compared with year-ago levels, rising to CLP388.3 billion from CLP322.7 billion during the same January-to-March period last year.
Barclays (BCS) rose 14% after the UK financial services company Wednesday reported a 19.6% year-over-year increase in net interest income combined with fees, commissions and other non-interest income, rising to GBP6.28 billion from GBP5.25 billion during the year-ago period and beating the Capital IQ consensus expecting just GBP3.03 billion in total revenue during the three months ended March 31.
Simon Property Group (SPG) was 9% higher. S&P Global Ratings late Tuesday lowered its outlook for the mall and shopping center owner to negative from stable previously, saying the COVID-19 pandemic and resulting recession likely will materially deteriorate its business prospects over the next 12 to 18 months.
Mastercard (MA) climbed 6.8% after the US credit-card issuer Wednesday reported non-GAAP Q1 net income of $1.83 per share, up from its $1.78 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus by $0.10 per share. Revenue rose to $4.01 billion from $3.89 billion during the year-ago period, also topping the $3.98 billion Street view.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.