Financial stocks surged on Friday, lifting Wall Street and hitting new records for the S&P 500 and Dow Jones. Strong earnings from major U.S. banks helped, while mixed economic data had little impact.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), rose 0.7% to exceed 5,800 points, with year-to-date returns at nearly 23%. The Dow, tracked by the SPDR Dow Jones Industrial ETF (DIA), climbed 0.8% to 42,780 points, breaking its previous high.
Financial Stocks Fuel Rally
The financial sector was the main driver, with the Financial Select Sector SPDR Fund (XLF) up 1.9%. Strong Q3 earnings from banks increased confidence. For example, JPMorgan Chase (JPM) reported an EPS of $4.37, surpassing expectations and driving its shares up over 4%. Wells Fargo (WFC) saw a 6.2% increase after posting an EPS of $1.42.
Other major banks, including Bank of America (BAC) and Goldman Sachs (GS), also rose 2% to 4.8%.
Economic Data Mixed But Overlooked
Economic figures included a higher-than-expected Producer Price Index and a disappointing Michigan Consumer Sentiment report. Despite some negative signals, investors remained focused on strong bank earnings.
S&P 500’s Top 5 Performers on Friday
| Stock | Sector | Price | 1-day Return (%) |
| Uber (UBER) | Industrials | 84.21 | 8.07% |
| Fastenal (FAST) | Industrials | 75.13 | 7.34 |
| Wells Fargo (WFC) | Financials | 60.99 | 5.61 |
| Grainger (GWW) | Industrials | 1,079.38 | 5.29 |
| Bank of America (BAC) | Financials | 41.97 | 4.99 |
Dow’s Top 5 Performers on Friday
| Stock | Sector | Price | 1-day Return (%) |
| JPMorgan (JPM) | Financials | 221.99 | 4.30 |
| Boeing (BA) | Industrials | 150.55 | 2.68 |
| Goldman Sachs (GS) | Financials | 513.51 | 1.94 |
| Intel (INTC) | Tech | 23.63 | 1.78 |
| American Express (AXP) | Financials | 274.73 | 1.58 |
Next Up: JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%
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