Wall Street rises following a slew of positive reports from the financial sector.
For the week, all three major indices posted gains of over 1%. The Dow Jones led with a 1.21% increase over five days.
Three major U.S. financial companies reported earnings that exceeded analysts’ expectations.
The three main Wall Street indices closed higher on Friday, boosted by a series of positive quarterly results from the financial sector. The market also reacted to data that reinforced expectations for interest rate cuts.
The Dow Jones Industrial Average, composed of 30 large companies, rose 0.97% to 42,863.86 points. The S&P 500, which tracks 500 stocks, gained 0.61% to 5,815.03 points. The tech-heavy Nasdaq Composite advanced 0.33% to 18,342.94 points.
Third-quarter earnings reports from Wells Fargo, JP Morgan Chase, and investment manager BlackRock surpassed analysts’ estimates, driving their shares up by 5.61%, 4.44%, and 3.65%, respectively, injecting optimism into the market.
On the economic front, traders also responded to a lower-than-expected U.S. Producer Price Index (PPI) report. The inflation data fueled expectations that the Federal Reserve would continue lowering interest rates.
The U.S. Producer Price Index remained unchanged in September (0.0%), below the forecasted 0.1% monthly increase and August’s 0.2%. The annual figure was 1.8%, slightly above the expected 1.6%, but down from the revised 1.9% in August.
Banking sector stocks led the gains, jumping 1.95%. Within the Dow Jones, the financial sector stood out, with JP Morgan leading the way, followed by aerospace company Boeing (up 3%) and Goldman Sachs (up 2.50%).
For the week, all three major indices posted gains of over 1%. The Dow Jones led with a 1.21% increase over five days, followed by the Nasdaq, which rose 1.13%, and the S&P 500, up 1.11%.
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