Stock market today: Wall Street reaches more records as banks rally

NEW YORK — U.S. stocks closed at more all-time highs as JPMorgan Chase, Wells Fargo and other big financial companies rallied following better-than-expected profit reports. The S&P 500 rose 0.6% Friday, topping its all-time high set earlier this week. The Dow Jones Industrial Average jumped 1% and also notched a record. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check.

Banks and other financial giants traditionally kick off each earnings reporting season, and BlackRock and Bank of New York Mellon also climbed after delivering results that topped analysts’ forecasts. BlackRock, the investment giant, said it ended the summer managing a record $11.5 trillion in total assets for its customers.

Following the unveiling of the “Cybercab,” potential rival Uber Technologies jumped 9.8% and was one of the strongest forces lifting the S&P 500. Lyft rose 8.9%. Prices paid by producers were 1.8% higher in September than a year earlier. That was an improvement from August’s year-over-year inflation level, but not as much as economists expected. Analysts said it likely helped calm worries stirred a day earlier, when a separate report showed inflation at the consumer level wasn’t cooling as quickly as economists expected.

They've pared back their expectations from earlier this month, when some were betting on the possibility for another larger-than-usual cut of half a percentage point in November. A run of stronger-than-expected data on the economy wiped out such calls.

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