Wall Street Marks New Record Highs On Strong Start To Earnings Season, Investors Downplay Inflation Surge, Tesla Disappoints: This Week In The Market

The S&P 500 and Dow Jones Industrial Average both achieved record highs this week.

A strong kickoff to the third-quarter earnings season fueled both indexes, offsetting concerns from last month's unexpected inflation surge.

JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co. (NYSE:WFC), Bank of New York Mellon Corp. (NYSE:BK) and BlackRock Inc. (NYSE:BLK) all exceeded analyst earnings forecasts Friday. This triggered a stock rally and propelled the financial sector to new highs.

In contrast, Tesla Inc. (NASDAQ:TSLA) faced investor disappointment. The Austin, Texas-based car company is one of the worst performers within the S&P 500 this week.

The much-anticipated "We, Robot" event on Thursday was partly to blame. The presentation failed to impress analysts and investors, ...