U.S. stock indexes posted a collective weekly gain, with the S&P 500 and Dow Jones rising to record highs at the close of the U.S. stock market on Friday.
The weekly rise came amid strong support from financial sector stocks after banks reported strong quarterly results, while the latest inflation data supported expectations of an interest rate cut in November.
Major financial companies kicked off earnings season, with JPMorgan Chase rising 4.4 percent after reporting higher-than-expected third-quarter earnings and raising its annual interest income forecast.
Other stocks in the sector also rose broadly, boosting the S&P 500.
Stock movements
For the week, the S&P 500 rose 1.1 percent, the Dow Jones rose 1.2 percent and the Nasdaq advanced 1.1 percent.
The three indices recorded gains for the fifth consecutive week.
During Friday's trading, the Dow Jones Industrial Average rose 409.74 points, or 0.97 percent, to 42,863.86 points, and the S&P 500 rose 34.98 points, or 0.61 percent, to 5,815.03 points.
The Nasdaq Composite Index also rose 60.89 points, or 0.33 percent, to 18,342.94 points.
