The S&P 500 powered to a new record Friday, heading for a fifth winning week as banking behemoths ushered in a promising start to the third-quarter earnings season.
The Dow Jones Industrials jumped 297.50 points to 42,751.62.
The much-broader index recovered 30.37 points to 5,810.42.
The NASDAQ Composite regained 54.2 points to 18,336.25.
The major averages are headed for weekly gains, with the S&P 500 up 1.1% and on pace for a fifth straight positive week. The Dow is toting a 1% gain, while the NASDAQ is up 1.1%.
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, lowering yields to 4.08% from Thursday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices ditched 51 cents to $75.34 U.S. a barrel.
Gold prices surged $36.30 to $2,675.60 U.S. an ounce
