Financial stocks rallied on Friday, lifting the S&P 500 and Dow Jones to new record highs. Strong earnings from major U.S. banks contributed to this optimism, despite mixed economic data earlier in the day.
The S&P 500 surpassed 5,800 points, gaining 0.7%, while the Dow rose 0.8% to 42,780 points, breaking its previous records.
Market Highlights
Financial Stocks Lead Gains
The financial sector was the biggest contributor to Friday’s market surge, with the Financial Select Sector SPDR Fund rising 1.9%. Key banks like JPMorgan Chase, Wells Fargo, and BlackRock reported strong earnings, driving up their stock prices significantly.
Economic Data Overview
Economic data released on Friday showed a higher Producer Price Index (PPI) and lower consumer sentiment. The PPI rose 1.8% year-over-year, above expectations, while consumer sentiment fell to 68.9 in October, missing forecasts.
S&P 500’s Top Performers on Friday
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| Uber Technologies, Inc. (UBER) | Industrials | $84.21 | 8.07% |
| Fastenal Company (FAST) | Industrials | $75.13 | 7.34% |
| Wells Fargo & Co. | Financials | $60.99 | 5.61% |
| WW. Grainger, Inc. (GWW) | Industrials | $1,079.38 | 5.29% |
| Bank of America Corporation (BAC) | Financials | $41.97 | 4.99% |
Dow’s Top Performers on Friday
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| JPMorgan Chase & Co. | Financials | $221.99 | 4.30% |
| The Boeing Company (BA) | Industrials | $150.55 | 2.68% |
| The Goldman Sachs Group, Inc. | Financials | $513.51 | 1.94% |
| Intel Corporation (INTC) | Information Technology | $23.63 | 1.78% |
| American Express Company (AXP) | Financials | $274.73 | 1.58% |
Relevant Read: JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%
