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

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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