Financial stocks surged on Friday, lifting Wall Street and pushing the S&P 500 and Dow Jones to new record highs.
Strong earnings from key U.S. banks helped drive the market, even as mixed economic data was released earlier.
The S&P 500, via the SPDR S&P 500 ETF Trust SPY, went above 5,800 points, gaining 0.7% for a nearly 23% return this year. The Dow, tracked by the SPDR Dow Jones Industrial ETF DIA, increased 0.8% to hit a new high of 42,780 points.
Chart: S&P 500 and Dow Reach All-Time Highs
Financial Stocks Lead Rally
The financial sector was the main contributor to Friday’s market rise. The Financial Select Sector SPDR Fund XLF jumped 1.9%, marking its best session since November 2023.
Major banks reported higher-than-expected Q3 earnings, raising confidence in the financial sector.
- JPMorgan Chase JPM: EPS of $4.37, up over 4% in trading.
- Wells Fargo WFC: EPS of $1.42, shares up 6.2%.
- Bank of New York Mellon BK: Shares up 1.8%.
- BlackRock BLK: Shares gained 3.4%.
Other banks like Bank of America BAC and Morgan Stanley MS also saw significant gains.
Economic Data Mixed But Market Focused on Earnings
Economic data showed a higher-than-expected Producer Price Index and a weaker consumer sentiment report. The PPI was at 1.8%, while consumer sentiment fell to 68.9, indicating frustration over high prices.
Despite mixed signals, strong bank earnings kept investors optimistic.
S&P 500’s Top Performers on Friday
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| Uber UBER | Industrials | 84.21 | 8.07% |
| Fastenal FAST | Industrials | 75.13 | 7.34% |
| Wells Fargo | Financials | 60.99 | 5.61 |
| Grainger GWW | Industrials | 1,079.38 | 5.29 |
| Bank of America | Financials | 41.97 | 4.99 |
Dow’s Top Performers on Friday
| 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 |
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