S&P 500 and Dow hit record highs due to strong bank earnings; financial stocks boosted.

From Investing.com: 2024-10-11 19:04:23

The S&P 500 and Dow hit record highs with strong bank earnings, boosting financial stocks. JPMorgan Chase’s stock rose 4.4%, Wells Fargo surged 5.6%, and BlackRock gained 3.6%. The S&P 500 added 1.1% for the week, Dow climbed 1.2%, and Nasdaq added 1.1% for the fifth straight weekly gain.

Despite a 0.1% rise in the Producer Price Index, CPI was higher than expected. The University of Michigan consumer sentiment index was 68.9, below the estimated 70.8. Traders predict an 88% likelihood of a 25-basis-point rate cut by the Fed in November. Tesla’s shares fell 8.8% after revealing its robotaxi plans.

Financial services stocks drove the S&P 500 up, with the S&P 500 Banks index rising 4.2%. The KBW regional bank index surged 3.4% to its highest level since February 2022. Advancing issues surpassed decliners 3.96-to-1 on the NYSE, with 455 new highs and 44 new lows. On the Nasdaq, advancing stocks were 2.89-to-1, with 139 new highs and 84 new lows.



Read more at Investing.com: S&P 500, Dow hit records, boosted by bank earnings surprise By Reuters