Financial stocks surged on Friday, lifting the S&P 500 and Dow Jones to record highs.
Strong earnings from major U.S. banks boosted market confidence, despite mixed economic data.
The S&P 500 hit over 5,800 points, gaining 0.7% and bringing year-to-date returns to nearly 23%. Meanwhile, the Dow Jones rose 0.8% to 42,780 points, surpassing its previous record.
Market Drivers
The financial sector led Friday’s gains. The Financial Select Sector SPDR Fund rose 1.9%, marking its best session since November 2023.
JPMorgan Chase reported Q3 earnings per share of $4.37, beating expectations and boosting its stock over 4%. Wells Fargo’s shares soared 6.2% after a strong EPS of $1.42. BlackRock also saw gains following encouraging earnings.
Economic Data
Friday’s data revealed a higher Producer Price Index (PPI) but disappointing consumer sentiment. The PPI was 1.8%, above forecasts, while consumer sentiment fell to 68.9, missing expectations.
Top Performers
S&P 500 Top 5 Performers
| Uber | 8.07% |
| Fastenal | 7.34% |
| Wells Fargo | 5.61% |
| Grainger | 5.29% |
| Bank of America | 4.99% |
Dow Top 5 Performers
| JPMorgan | 4.30% |
| Boeing | 2.68% |
| Goldman Sachs | 1.94% |
| Intel | 1.78% |
| American Express | 1.58% |
Next Up: JPMorgan Chase Q3 Earnings Report
Image created using AI via Midjourney.
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