Financial stocks surged on Friday, driving both the S&P 500 and Dow Jones to new highs.
Strong earnings from major U.S. banks helped push the market up, despite mixed economic data released earlier.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), rose 0.7%, surpassing 5,800 points, marking a nearly 23% gain this year.
Meanwhile, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF (DIA), climbed 0.8% to 42,780 points, setting new records.
Market Rally Fueled by Financial Sector
The financial sector led the market gains, with the Financial Select Sector SPDR Fund (XLF) jumping 1.9% to a record high after major banks reported strong Q3 earnings.
JPMorgan Chase & Co. (JPM) reported an EPS of $4.37, exceeding forecasts, and saw shares rise over 4% in early trading.
Wells Fargo & Co (WFC) shares soared 6.2% after an EPS of $1.42, despite cautious guidance.
BlackRock Inc. (BLK) also performed well, gaining 3.4% and hitting a new high.
Mixed Economic Data
Economic data on Friday showed a higher-than-expected Producer Price Index (PPI) but a weaker Michigan Consumer Sentiment report.
The PPI rose to 1.8% year-over-year in September, above the expected 1.6%. Meanwhile, consumer sentiment dropped to 68.9, below forecasts.
S&P 500’s Top Performers
| 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
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| JPMorgan Chase & Co. (JPM) | Financials | 221.99 | 4.3% |
| 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% |
Read Next:
Your source for financial news and data.
© 2024 Benzinga.com. All rights reserved.
`
