Financial stocks surged on Friday, lifting Wall Street’s mood and pushing the S&P 500 and Dow Jones to new record highs.
Strong quarterly earnings from major U.S. banks outweighed mixed economic data released earlier in the day.
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), exceeded 5,800 points, closing 0.7% higher, with nearly 23% returns this year. Meanwhile, the Dow Jones, represented by the SPDR Dow Jones Industrial ETF (DIA), gained 0.8%, reaching 42,780 points and breaking previous records.
Chart: S&P 500 and Dow Reach New Highs on Strong Bank Earnings
Financial Stocks Propel Market Growth
The financial sector was the biggest contributor to the market’s rise, with the Financial Select Sector SPDR Fund (XLF) increasing by 1.9%, marking its strongest session since last November.
JPMorgan Chase & Co. reported Q3 earnings of $4.37 per share, exceeding the $4.00 forecast, leading to a 4% stock price jump. Wells Fargo’s shares surged 6.2% after their earnings beat expectations as well.
BlackRock Inc. saw a 3.4% increase in its shares due to strong earnings and revenue, along with other banks like Bank of America and Morgan Stanley showing gains between 2% and 4.8%.
Economic Data Mixed but Overshadowed by Earnings
Friday’s economic reports showed a higher-than-expected Producer Price Index and a weaker Michigan Consumer Sentiment Index. Despite the mixed signals, investor focus remained on strong bank earnings.
Top Performers in S&P 500 on Friday
| Stock | Sector | Price | 1-Day Return (%) |
|---|---|---|---|
| Uber Technologies (UBER) | Industrials | 84.21 | 8.07% |
| Fastenal Company (FAST) | Industrials | 75.13 | 7.34% |
| Wells Fargo & Co | Financials | 60.99 | 5.61 |
| WW. Grainger, Inc. (GWW) | Industrials | 1,079.38 | 5.29 |
| Bank of America (BAC) | Financials | 41.97 | 4.99 |
Top Performers in Dow on Friday
| Stock | Sector | Price | 1-Day Return (%) |
|---|---|---|---|
| JPMorgan Chase (JPM) | Financials | 221.99 | 4.30 |
| The Boeing Company (BA) | Industrials | 150.55 | 2.68 |
| Goldman Sachs (GS) | Financials | 513.51 | 1.94 |
| Intel Corporation (INTC) | Info Technology | 23.63 | 1.78 |
| American Express (AXP) | Financials | 274.73 | 1.58 |
Read Next:
Image created using AI via Midjourney.
Market News and Data brought to you by Benzinga APIs
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
`
