Wall Street rises to close its latest record-setting week as banks jump
FILE - People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Wall Street pointed higher before the open Friday, Nov. 17, 2023, as most major markets looked set to end the week with solid gains. (AP Photo/Julia Nikhinson)
NEW YORK (AP) — U.S. stocks rose to records Friday as big banks rallied following a run of reassuring profit reports.
The S&P 500 climbed 0.6% to top its all-time high set earlier in the week and close out its fifth straight winning week, while the Dow Jones Industrial Average jumped 409 points, or 1%, to set its own record. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check.
Wells Fargo rose 5.6% after reporting stronger profit for the latest quarter than analysts expected. It benefited from better results from its venture-capital investments and higher fees for investment-banking services, among other things.
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