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US: Dow, S&P 500 rally to fresh records on bank earnings

by Riah Marton
in Technology
US: Dow, S&P 500 rally to fresh records on bank earnings
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THE Dow and S&P 500 rallied to fresh records Friday (Oct 11) behind solid bank earnings, adding to weekly gains as markets shrugged off mixed economic data.

The Dow Jones Industrial Average shot up 1 per cent to 42,863.86, an all-time high.

The broad-based S&P 500 rose 0.6 per cent to 5,815.03, also a record, while the tech-rich Nasdaq Composite Index advanced 0.3 per cent to 18,342.94.

Dow member JPMorgan Chase rocketed more than 4 per cent higher as it reported better than expected earnings behind higher revenues for equity trading and increased fees for asset management and investment banking.

Investors also cheered the bank’s assessment that the US economy remains “resilient” and poised to avoid a recession.

“The bank earnings were an excuse to rally, not necessarily a reason to rally,” said Steve Sosnick of Interactive Brokers. “Right now the market mentality is to rally, and it’s going to do that… unless it has a reason not to, and there was no reason not to today.”

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Markets digested data showing US wholesale prices were flat in September and a dip in US consumer confidence in October.

Analysts have said the latest inflation data likely reduces the odds of another large interest cut by the Federal Reserve in November, but doesn’t eliminate the chance for a smaller reduction.

Expectations for Fed relief on interest rates has propelled the market for much of 2024.

Among other individual stocks, Tesla slumped 8.7 per cent after Elon Musk demonstrated an electric Robotaxi without steering wheels or pedals at a long-awaited event in Los Angeles.

A JPMorgan Chase note described the Tesla presentation as “underwhelming,” saying it was “notably lacking in detail.” AFP

Tags: BankDowEarningsFreshRallyRecords
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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