Stock market today: S&P 500 closes above 5,800 for first time ever as banks rally

Investing.com-- The Dow and S&P 500 notched record closing highs Friday, with the latter closing above the 5,800 mark for the first time as JPMorgan led a string of mostly better than expected earnings,All three major indexes notched their fifth consecutive week of gains, with the dow clinching its the best winning streak in eight months.The main focus Friday will be on the third quarter earnings season, with major financial companies getting the ball rolling.

Year-on-year, the index increased by 1.8%, slower than an upwardly revised mark of 1.9% in August, potentially pointing to a cooling inflation picture as lessening the impact of theTraders are now pricing in a major chance for a 25 basis point cut in November, instead of the 50-basis-point cut the Fed introduced in September.A slower pace of interest rate cuts potentially presents pressure on Wall Street, given that U.S.

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