Financial stocks surged on Wall Street Friday, leading to record highs for the S&P 500 and Dow Jones.
Strong earnings from major U.S. banks overshadowed mixed economic data.
The S&P 500, tracked by the SPDR S&P 500 ETF (SPY), rose 0.7% to over 5,800 points, marking a nearly 23% gain this year. The Dow, tracked by the SPDR Dow Jones Industrial ETF (DIA), increased 0.8% to reach 42,780 points, surpassing prior records.
Financial Stocks Propel Market Gains
The financial sector was the main contributor to the market’s rise, with the Financial Select Sector SPDR Fund (XLF) up 1.9%, its best performance since November 2023.
JPMorgan Chase (JPM) reported Q3 earnings of $4.37 per share, beating forecasts, sending shares up over 4%. Wells Fargo (WFC) also exceeded expectations, leading to a 6.2% increase in its stock. Other banks like Bank of New York Mellon (BK) and BlackRock (BLK) also performed well, boosting investor confidence.
Mixed Economic Data
Despite strong bank earnings, economic data showed a higher-than-expected Producer Price Index and a lower-than-expected Consumer Sentiment Index for October, indicating ongoing consumer concerns about prices.
S&P 500 and Dow’s Top Performers
| 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% |
| 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 Reading:JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%
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