Shares of banks and other financial institutions rallied as a resurgence in risk appetite spurred hopes that a global selloff in stocks and bonds would subside.
Ally Financial shares fell after rising interest rates took a toll on the auto-finance and mortgage lender, which set aside a higher provision for credit losses, and booked an increase in quarterly expenses and lower revenue.
Goldman Sachs Group added to the gains in the wake of its recent earnings report, adding more than 5% for one of its biggest advances since late 2020.
Investment bank Jefferies Financial Group is shedding some of the last vestiges of its parent, conglomerate Leucadia National, in two separate deals to sell Idaho Timber for a combined $239 million and a plan to spin off oil-and-gas company Vitesse Energy by the end of the year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-19-22 1722ET
