US stocks hit all-time highs as financial giants report profits
- U.S. stock markets closed at all-time highs on October 11, 2024, with significant gains in major indexes.
- JPMorgan Chase and Wells Fargo reported better-than-expected profits, contributing to the market rally.
- Despite a mixed performance in the tech sector, overall investor sentiment remains positive, reflecting confidence in the economic outlook.
On October 11, 2024, U.S. stock markets reached new all-time highs, driven by strong earnings reports from major financial institutions like JPMorgan Chase and Wells Fargo. The S&P 500 index increased by 0.6%, surpassing its previous record set earlier in the week, while the Dow Jones Industrial Average rose by 1%, also achieving a new high. The Nasdaq composite, however, lagged behind with a modest gain of 0.3%, primarily due to a decline in Tesla's stock following the announcement of its long-awaited robotaxi. Despite the mixed performance of the tech sector, overall market sentiment remained positive, bolstered by steady Treasury yields and encouraging updates on inflation and consumer sentiment. For the week, all major indexes showed gains, with the S&P 500 up 1.1% and the Dow up 1.2%. Year-to-date, the S&P 500 has risen by 21.9%, reflecting a robust recovery and investor confidence in the economic outlook.