The Dow and S&P 500 reached new highs on Friday, with the broader index closing above 5,800 for the first time as major U.S. banks launched the earnings season, Karen Friar, Michael B. Kelley, and Hamza Shaban reported for Yahoo Finance.
The Dow Jones Industrial Average climbed nearly 1%, the S&P 500 gained 0.6%, while the tech-heavy Nasdaq Composite rose about 0.3%. I Photo: New York Stock Exchange Facebook
The Dow Jones Industrial Average climbed nearly 1% as JPMorgan Chase shares surged.
The S&P 500 gained 0.6%, while the tech-heavy Nasdaq Composite rose about 0.3%. All three indices finished the first full trading week of October with weekly gains of more than 1%.
Investors analyzed quarterly results from major Wall Street banks, traditionally marking the start of earnings season.
They focused on the potential impact of the Federal Reserve’s shift to rate cuts on lending margins and, consequently, on profits.
Simultaneously, investors assessed the likely effects of this week's high inflation report and the unchanged wholesale inflation data on Fed policy. The latest consumer inflation data did not provide a clear indication of the Fed's next move on interest rate cuts.
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