Financial stocks surged on Friday, boosting confidence on Wall Street and driving the S&P 500 and Dow Jones to new highs.
Strong earnings from major U.S. banks helped lift the market, even as economic data showed mixed results.
The S&P 500, via the SPDR S&P 500 ETF Trust (SPY), crossed 5,800 points with a 0.7% gain, marking nearly a 23% increase for the year. The Dow, tracked by the SPDR Dow Jones Industrial ETF (DIA), rose 0.8% to 42,780 points, setting new records.
Bank Earnings Drive Market Gains
The financial sector was key to the market rally. The Financial Select Sector SPDR Fund (XLF) soared 1.9%, the best performance since November 2023.
JPMorgan Chase & Co. reported strong Q3 earnings of $4.37 per share, exceeding expectations, leading to a more than 4% share surge. Wells Fargo’s shares jumped 6.2% after beating EPS forecasts despite cautious future guidance.
Other banks like Bank of New York Mellon and BlackRock also posted better-than-expected results, driving their stock prices up.
Mixed Economic Data
Friday’s economic indicators included a higher-than-expected Producer Price Index (PPI) and a lower-than-expected Michigan Consumer Sentiment reading.
The PPI rose to 1.8% year-over-year, above expectations, while consumer sentiment fell to 68.9, down from 70.1.
Top Performers of the Day
S&P 500 Leaders
| Stock | Sector | Price | 1-Day Return (%) |
| Uber Technologies, Inc. (UBER) | Industrials | $84.21 | 8.07% |
| Wells Fargo & Co. | Financials | $60.99 | 5.61% |
| Bank of America Corp. (BAC) | Financials | $41.97 | 4.99% |
Dow Leaders
| Stock | Sector | Price | 1-Day Return (%) |
| JPMorgan Chase & Co. (JPM) | Financials | $221.99 | 4.30% |
| Boeing (BA) | Industrials | $150.55 | 2.68% |
| American Express (AXP) | Financials | $274.73 | 1.58% |
Next Up: JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%
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