Financial stocks rallied on Friday, lifting Wall Street and setting new records for the S&P 500 and Dow Jones Industrial Average.
Strong earnings from major U.S. banks outshone mixed economic data released earlier.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), exceeded 5,800 points, up 0.7% for the day and nearly 23% this year.
The Dow Jones, tracked by the SPDR Dow Jones Industrial ETF (DIA), rose by 0.8%, reaching 42,780 points, beating its previous record from late September.
Market Driven by Financial Stocks
The financial sector was the main force behind the market boost. The Financial Select Sector SPDR Fund (XLF) saw a 1.9% increase, its strongest day since November 2023, reaching a new high.
JPMorgan Chase reported Q3 earnings per share of $4.37, exceeding estimates and causing shares to jump over 4%. Wells Fargo’s shares rose 6.2% after posting EPS of $1.42, also beating expectations.
Other major banks like Bank of America, Citigroup, and Goldman Sachs also saw gains between 2% and 4.8%. Regional banks benefited too, with the SPDR S&P Regional Banking ETF (KRE) rising 3.5%, boosting the Russell 2000 index by 1.3%.
Economic Data Mixed
Friday’s economic data featured a higher-than-expected Producer Price Index (PPI) and a disappointing consumer sentiment report for October. The PPI showed a 1.8% year-over-year increase, while consumer sentiment dipped to 68.9 from 70.1 in September, below forecasts.
Top Performers on Friday
S&P 500 Top 5
| Stock | Price | 1-Day Return (%) |
|---|---|---|
| Uber (UBER) | $84.21 | 8.07% |
| Fastenal (FAST) | $75.13 | 7.34% |
| Wells Fargo (WFC) | $60.99 | 5.61% |
| WW. Grainger (GWW) | $1,079.38 | 5.29% |
| Bank of America (BAC) | $41.97 | 4.99% |
Dow Top 5
| Stock | Price | 1-Day Return (%) |
|---|---|---|
| JPMorgan (JPM) | $221.99 | 4.30% |
| Boeing (BA) | $150.55 | 2.68% |
| Goldman Sachs (GS) | $513.51 | 1.94% |
| Intel (INTC) | $23.63 | 1.78% |
| American Express (AXP) | $274.73 | 1.58% |
Next Read: JPMorgan Chase Q3 Earnings: Record Revenue Increase and Outlook
`
