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. The TSX also extended its record-setting run.
Major U.S. financial companies kicked off earnings season with JPMorgan Chase 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 rallied 5.6% after its profit also beat analysts’ expectations. BlackRock stock gained 3.6% after the asset manager reported that its assets under management had hit a record high for the third straight quarter.
Other stocks in the industry rose broadly, making the S&P 500 Financials index the biggest index points boost for the benchmark.
“We’d some good earnings reports from some leading…
