A remarkable rally in financial stocks boosted bullish sentiment across Wall Street on Friday, propelling both the S&P 500 and Dow Jones Industrial Average to new record levels.
Strong earnings from major U.S. banks helped fuel the broader market, with investors brushing aside mixed economic data released earlier in the day.
The S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), surged past the 5,800-point mark, gaining 0.7% on the day and pushing year-to-date returns to nearly 23%.
Simultaneously, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF (NYSE:DIA), rose 0.8%, hitting 42,780 points and smashing previous records set in late September.
Chart: S&P 500, Dow Jointly Mark All-Time Highs As US Banks Top Q3 Earnings Forecasts
Image: Benzinga Pro
Financial Stocks Drive Wall Street Rally
The financial sector was the primary driver of Friday's market gains.
The Financial Select Sector SPDR Fund (NYSE:XLF) rallied 1.9%, marking its strongest session since November 2023 and hitting a fresh record high.
The rally came as a wave of U.S. banks reported better-than-expected third-quarter earnings, reinforcing confidence in ...
