The S&P 500 powered to a new record Friday, and headed for a fifth winning week as banking behemoths ushered in a promising start to the third-quarter earnings season.
The Dow Jones Industrials jumped 321.74 points to 42,775.86.
The much-broader index recovered 29.6 points to 5,809.65.
The NASDAQ Composite regained 28.78 points to 18,310.83.
The major averages are headed for weekly gains, with the S&P 500 up 1.2% and on pace for a fifth straight positive week. The Dow is toting a 1% gain, while the NASDAQ is up 1.2%.
A strong start to the third-quarter earnings season provided a lift to stocks. JPMorgan Chase rose 4% after topping profit and revenue expectations, while Wells Fargo popped nearly 6% on stronger-than-expected profits. Investors overlooked disappointing revenue and an 11% decline in net interest income.
The producer price index, a measure of wholesale inflation, remained unchanged in September and came in below the 0.1% increase expected by Dow Jones. That helped temper some fears sparked by September’s consumer price index, which increased slightly more than expected.
Prices for the 10-year Treasury gained back lost strength, raising yields to 4.09% from Thursday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices ditched 16 cents to $75.69 U.S. a barrel.
Gold prices surged $31.90 to $2,671.20 U.S. an ounce
S&P Set for 5th Straight Winning Week
