Stock market today: Wall Street rises to close its latest record-setting week as banks jump
U.S. stocks rose to records as JPMorgan Chase, Wells Fargo and other big financial companies rallied on better-than-expected profit reports
NEW YORK — U.S. stocks rose to records Friday as big banks rallied following a run of reassuring profit reports.
The S&P 500 climbed 0.6% to top its all-time high set earlier in the week and close out its fifth straight winning week, while the Dow Jones Industrial Average jumped 409 points, or 1%, to set its own record. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check.
Wells Fargo rose 5.6% after reporting stronger profit for the latest quarter than analysts expected. It benefited from better results from its venture-capital investments and higher fees for investment-banking services, among other things.
Banks and other financial giants traditionally kick off each earnings reporting season, and JPMorgan Chase climbed 4.4% after reporting a milder drop in profit than analysts feared. It was the strongest single force pushing upward on the S&P 500.
CEO Jamie Dimon said the nation’s largest bank is also still buying back shares of its stock to send cash to investors, but the pace is modest “given that market levels are at least slightly inflated.”
BlackRock, meanwhile, rose 3.6% after likewise delivering better profit for the latest quarter than analysts expected. The investment giant ended September managing a record $11.5 trillion in total assets for its customers.
The gains for banks helped make up for the drag of Tesla, which tumbled 8.8% and was the heaviest weight on the market. The electric-vehicle maker unveiled its long-awaited robotaxi on Thursday night, but critics highlighted a lack of details about its planned rollout.
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