Financial stocks surged, boosting optimism on Wall Street. Both the S&P 500 and Dow Jones hit record highs.
Strong earnings from leading U.S. banks lifted the market, despite mixed economic reports earlier in the day.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), rose 0.7%, surpassing 5,800 points and increasing its year-to-date return to nearly 23%. The Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF (DIA), also increased by 0.8%, reaching 42,780 points, breaking previous records.
S&P 500 & Dow Reach All-Time Highs
The financial sector drove the market rally, with the Financial Select Sector SPDR Fund (XLF) rising 1.9%, hitting a new record, fueled by better-than-expected earnings from U.S. banks.
JPMorgan Chase reported an earnings per share (EPS) of $4.37, exceeding estimates, leading to a 4% spike in shares. Wells Fargo saw a 6.2% rise after posting an EPS of $1.42, and Bank of New York Mellon shares increased 1.8% from strong results. BlackRock shares jumped 3.4%, marking a new record after positive earnings.
Mixed Economic Data
Economic data showed a higher Producer Price Index (PPI) and weaker consumer sentiment. PPI was at 1.8%, higher than expected, but consumer sentiment dropped to 68.9 from 70.1, below forecasts. Despite these mixed signals, investor focus remained on strong bank earnings.
Top Performers: S&P 500
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| Uber Technologies (UBER) | Industrials | $84.21 | 8.07% |
| Fastenal Company (FAST) | Industrials | $75.13 | 7.34% |
| Wells Fargo (WFC) | Financials | $60.99 | 5.61% |
| WW. Grainger (GWW) | Industrials | $1,079.38 | 5.29% |
| Bank of America (BAC) | Financials | $41.97 | 4.99% |
Top Performers: Dow Jones
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| JPMorgan Chase | Financials | $221.99 | 4.30% |
| Boeing (BA) | Industrials | $150.55 | 2.68% |
| Goldman Sachs | 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: Investment Banking Revenue Soars 29%
Market News and Data by Benzinga APIs
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