The S&P 500 and the Dow scored record closing highs on Friday, with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fueled expectations for a U.S. Federal Reserve rate cut in November.
Major financial companies kicked off earnings season with JPMorgan Chase
JPM
finishing the session up 4.4% after the lender reported higher-than-expected third-quarter profit and raised its annual interest income forecast.
Shares in Wells Fargo
WFC
rallied 5.6% after its profit also beat analysts' expectations. BlackRock
B
BLK
stock gained 3.6% after the asset manager reported that its assets under management had hit a record high for the third straight quarter
Major financial companies kicked off earnings season with JPMorgan Chase
JPM
finishing the session up 4.4% after the lender reported higher-than-expected third-quarter profit and raised its annual interest income forecast.
Shares in Wells Fargo
WFC
rallied 5.6% after its profit also beat analysts' expectations. BlackRock
B
BLK
stock gained 3.6% after the asset manager reported that its assets under management had hit a record high for the third straight quarter
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