Afternoon Market Update

The US financial sector moved up following the Commerce Department’s report indicating better-than-expected data on Gross Domestic Product (GDP) in Q2. However, the shares of Goldman Sachs Group Inc GS lost about 1.5%. The Financial Select Sector SPDR Fund (XLF) rose about 1.41%. Shares of ImmunoGen IMGN tumbled about 37% after the company received a Refuse to File (RTF) letter from the US Food and Drug Administration (FDA) for its breast cancer drug candidate T-DM1. US Energy stocks rose today following the better-than-expected revised figure for US Gross Domestic Product. The NYSE Arca Oil Index (XOI) gained about 1.88%, while the NYSE Arca Natural Gas Index (XNG) moved up 1.56%. The Philadelphia Oil Service Index (OSX) also rose about 2.98%. Read more from Benzinga's Markets.