Stock market today: Dow and S&P 500 notch record highs as earnings season kicks off

The Dow and S&P 500 notched new highs on Friday as big US banks got earnings season underway and investors weighed the likely impact of a hot inflation print and unchanged wholesale inflation on Federal Reserve policy. The Dow Jones Industrial Average rose nearly 1% as JPMorgan Chase quarterly results kicked of the earnings season on the right foot. The S&P 500 gained 0.6%, and the tech-heavy Nasdaq Composite increased almost 0.4%.

All three gauges finished the first full trading week of October with weekly wins of more than 1%. Investors combed through quarterly results from big Wall Street banks — the traditional starting gun for earnings season. In focus is the potential impact of the Fed's pivot to rate cuts on lending margins and, thus, on profits.

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