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S&P 500 and Dow hit record highs as financial stocks surge on strong earnings

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The S&P 500 and the Dow Jones Industrial Average reached new highs on Friday, fueled by gains in financial stocks following impressive quarterly reports from major banks. Investors also reacted positively to inflation data indicating a cooling economy, bolstering expectations for a Federal Reserve interest rate cut in November.

Oct 11 - The S&P 500 and the Dow hit record highs on Friday, with the biggest boosts from financial stocks after banks reported strong quarterly results while the latest inflation data supported expectations for a U.S. Federal Reserve rate cut in November.

Other stocks in the industry rose broadly, with the S&P 500 Financials index , climbing 2% to a record high, the S&P 500 Banks index , rising 4.6% to its highest level since February 2022, and the KBW regional bank index , up almost 3%. Also on Friday, data from the U.S. Department of Labor showed the Producer Price Index for final demand was unchanged on a monthly basis in September, compared to the 0.1% rise expected by economists polled by Reuters.

Meanwhile, a preliminary reading of the University of Michigan's October consumer sentiment index stood at 68.9, compared with analysts' estimate of 70.8. At 02:28 p.m. on Friday, the Dow Jones Industrial Average , rose 380.89 points, or 0.90%, to 42,834.83, the S&P 500 , gained 35.06 points, or 0.61%, to 5,815.11 and the Nasdaq Composite , gained 68.08 points, or 0.37%, to 18,350.13.

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