Financial stocks surged on Friday, lifting the S&P 500 and Dow Jones to record highs thanks to strong earnings from major U.S. banks.
The S&P 500, represented by the SPDR S&P 500 ETF Trust (SPY), surpassed 5,800 points, gaining 0.7% for a nearly 23% return this year. The Dow Jones, tracked by the SPDR Dow Jones Industrial ETF (DIA), increased 0.8% to over 42,780 points, breaking its previous record set in September.
Financial Sector Drives Market Growth
The financial sector led the charge, with the Financial Select Sector SPDR Fund (XLF) climbing 1.9%, the best performance since November 2023.
JPMorgan Chase reported Q3 earnings per share (EPS) of $4.37, beating expectations, with shares rising over 4%. Wells Fargo’s shares jumped 6.2% after also surpassing EPS forecasts. Other banks like Bank of New York Mellon and BlackRock also saw significant gains.
Economic Data Mixed But Earnings Shine
While there was disappointing economic data, including a drop in consumer sentiment and mixed Producer Price Index figures, strong bank earnings kept investor optimism high.
Top S&P 500 Performers
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| Uber Technologies (UBER) | Industrials | 84.21 | 8.07% |
| Fastenal (FAST) | Industrials | 75.13 | 7.34% |
| Wells Fargo | Financials | 60.99 | 5.61% |
| WW. Grainger (GWW) | Industrials | 1,079.38 | 5.29% |
| Bank of America (BAC) | Financials | 41.97 | 4.99% |
Top Dow Performers
| Stock | Sector | Price | 1-day Return (%) |
|---|---|---|---|
| JPMorgan Chase | Financials | 221.99 | 4.30% |
| The Boeing Company (BA) | Industrials | 150.55 | 2.68% |
| The Goldman Sachs Group | Financials | 513.51 | 1.94% |
| Intel Corporation (INTC) | Information Technology | 23.63 | 1.78% |
| American Express (AXP) | Financials | 274.73 | 1.58% |
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