S&P Set for 5th Straight Winning Week



The S&P 500 and Dow Jones Industrial Average powered to new highs on Friday as banking behemoths ushered in a promising start to the third-quarter earnings season.

The 30-stock index jumped 409.74 points, or 1%, to 42,863.86.

The much-broader index recovered 34.98 points to 5,815.03.

The NASDAQ Composite regained 60.89 points to 18,342.94. The tech-heavy index is less than 2% below its all-time high.

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 nearly 1.3% gain, along with the NASDAQ.

A strong start to the third-quarter earnings season provided a lift to stocks. JPMorgan Chase rose 4.4% after topping profit and revenue expectations, while Wells Fargo popped 5.6% on stronger-than-expected profits. Investors overlooked disappointing revenue and an 11% decline in net interest income.

Elsewhere, Tesla shares tanked 8.8% on the back of an underwhelming robotaxi event.

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 fell, raising yields to 4.09% from Thursday’s 4.07%. Treasury prices and yields move in opposite directions.

Oil prices ditched 26 cents to $75.59 U.S. a barrel.

Gold prices surged $33.90 to $2,673.20 U.S. an ounce