Financial stocks surged on Friday, lifting Wall Street and pushing both the S&P 500 and Dow Jones to record highs.
Strong earnings from U.S. banks overshadowed mixed economic data, boosting market confidence.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust SPY, rose 0.7%, surpassing 5,800 points, and achieving nearly 23% gains year-to-date.
Meanwhile, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF DIA, climbed 0.8%, reaching 42,780 points and breaking September records.
Chart: S&P 500 and Dow Reach All-Time Highs
Financial Stocks Boost Market
The financial sector led Friday’s gains. The Financial Select Sector SPDR Fund XLF jumped 1.9%, marking its best day since November 2023.
Better-than-expected earnings from U.S. banks bolstered confidence. JPMorgan Chase & Co. JPM reported Q3 earnings per share (EPS) of $4.37, surpassing estimates.
Wells Fargo & Co WFC shares rose 6.2% after its EPS beat expectations, despite cautious outlook.
Other major banks, including Bank of America BAC and Goldman Sachs GS, also experienced gains of 2% to 4.8%.
Mixed Economic Data
Economic reports included a higher Producer Price Index (PPI) and lower Consumer Sentiment. PPI came in at 1.8%, above expectations, while the University of Michigan’s Consumer Sentiment fell to 68.9.
Despite the mixed signals, strong bank earnings fueled investor optimism ahead of the upcoming earnings season.
S&P 500’s Top 5 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 & Company | Financials | 60.99 | 5.61% |
| WW. Grainger, Inc. GWW | Industrials | 1,079.38 | 5.29% |
| Bank of America Corporation | Financials | 41.97 | 4.99% |
Dow’s Top 5 Performers
| 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% |
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