Stocks hit all-time highs, boosted by strong bank earnings, despite inflation concerns and Middle East tensions.
Sectors & Industries
October 15, 2024
Markets rallied to all-time highs, defying the usual seasonal sentiment, Middle East escalation concerns, and a slightly elevated consumer inflation report. Stocks surged on Friday, driven by strong earnings from major banks like JPMorgan (+4.4%) and Wells Fargo (+5.6%), lifting the S&P 500 (+0.6%) and Dow Jones (+1%) to new highs.
Negative jobs data on Friday buoyed positive investor sentiment, tempering concerns the Fed would slow its rate decreases to a snail's pace - a concern that had markets churning Thursday morning. For the week, the Nasdaq 100, S&P 500, and Dow Jones increased 1.59%, 1.35%, and 1.36%, respectively.
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