S&P 500, Dow hit records, boosted by bank earnings surprise

S&P 500, Dow hit records, boosted by bank earnings surprise

By Sinéad Carew and Lisa Pauline Mattackal

Fri October 11, 2024 4:33 PM

Q3 earnings got started with a bang today with several big banks exceeding estimates and, as the financial sector is considered a bellwether for the rest of the market, this increased confidence and shot all three indexes substantially into positive territory and to pushing both the Dow and the S&P once again to new record highs. All three indexes also marked five straight weeks of gains while today’s PPI reading has now got the market convinced of the coveted soft (or no) landing and that inflation will continue to be moderate. As Q3 is just getting started, volume remains below the 12 billion-average, coming in at 10.27 billion. 

(Note: click the link to see a very telling chart of Q3 S&P expectations. Tech is seen as going through the roof again, with energy taking a big spill and even materials in negative territory but all other sectors doing well, including real estate. This would indicate that consumer spending, which has generally been credited with keeping the economy going, will continue to go well and, with materials prices dropping will make housing more affordable and with energy tanking, fuel costs will also continue coming down. Just a little October optimism.) 

DJ: 42,454.12  -57.88       NAS: 18,282.05  -9.57        S&P: 5,780.05  -11.99        10/10

DJ: 42,863.86  +409.74    NAS: 18,342.94  +60.89     S&P: 5,815.03  +34.98       10/11

Fri 10-11-24 4:33 pm S&P 500, Dow hit records, boosted by bank earnings surprise | Reuters