Financial stocks surged on Friday, lifting the S&P 500 and Dow Jones to new record highs.
Strong earnings from U.S. banks overshadowed mixed economic data released earlier.
The S&P 500, tracked by SPDR S&P 500 ETF (SPY), rose 0.7% past 5,800 points, with a 23% gain this year.
The Dow Jones, tracked by SPDR Dow Jones ETF (DIA), climbed 0.8% to 42,780 points, breaking its previous record.
Financial Stocks Lead the Rally
Financials were the biggest contributors to the gains, with Financial Select Sector SPDR Fund (XLF) up 1.9%, hitting a record high.
Major banks reported better-than-expected third-quarter earnings, boosting investor confidence.
JPMorgan Chase (JPM) reported Q3 earnings per share (EPS) of $4.37, while Wells Fargo (WFC) jumped 6.2% after earnings of $1.42. Other banks like Bank of America (BAC), Citigroup (C), and Goldman Sachs (GS) also saw gains.
Mixed Economic Data
Economic reports were mixed: PPI rose to 1.8%, but consumer sentiment fell to 68.9. Inflation expectations increased slightly.
Despite these signals, strong bank earnings kept investor optimism high.
S&P 500’s Top Movers 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% |
Top Dow Movers 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% |
Read Next: JPMorgan Chase Q3 Earnings Report
Market News and Data by Benzinga APIs
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