S&P 500, Dow rise on boost from big bank earnings

The S&P 500 rose and the Dow hit a record high on Friday, driven by gains in major banks following third-quarter results, while mixed producer price data backed expectations for a rate cut by the Federal Reserve in November, reports Reuters.

However, the tech-heavy Nasdaq lagged due to an 8.1 per cent drop in Tesla, after the EV maker unveiled its long awaited robotaxi, but did not provide details on how fast it could ramp up production.

The Dow Jones Industrial Average rose 180.22 points, or 0.42 per cent, to 42,634.34, the S&P 500 gained 13.53 points, or 0.23 per cent, to 5,793.58, and the Nasdaq Composite lost 16.74 points, or 0.09 per cent, to 18,265.31.

The Dow touched an intraday record high, outperforming its peers as major bank stocks boosted the index.

The Financials index also hit a record high, climbing 1.8 per cent and leading sectoral gains, while S&P 500 Banks stocks ticked 4.5 per cent higher.