Shares of banks and other financial institutions rallied as major lenders converted higher benchmark interest rates into fattened profit margins.

JPMorgan Chase shares rose after the largest U.S. bank by assets posted a 67% increase in second-quarter profit, lifted by higher rates and the acquisition of First Republic. Wells Fargo shares rose after the lender's second-quarter earnings jumped 57%, lifted by income earned lending out money at higher rates. Citigroup's net interest income was a bright spot, though profit fell 36%.

Binance, the cryptocurrency exchange, cut more than 1,000 people in recent weeks, The Wall Street Journal reported.

The rally in cryptocurrencies continued amid relief that the courts did not allow Ripple's XRP token to be considered a security.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-14-23 1743ET