US stocks gained on Friday as big banks rallied on strong third quarter earnings.
As of 11:45 am Eastern time, the S&P 500 was 0.6 per cent higher, the Dow Jones Industrial Average was up 0.8 per cent, and the Nasdaq Composite gained 0.3 per cent.
As of 11 am Eastern time, the S&P 500 was 0.5% higher, the Dow Jones Industrial Average was up 0.7%, and the Nasdaq Composite added 0.2%.
At the opening bell, the Dow Jones Industrial Average rose 53.4 points, or 0.13 per cent, to 42,507.53. The S&P 500 fell 5.0 points, or 0.09 per cent, to 5,775.09, while the Nasdaq Composite dropped 64.3 points, or 0.35 per cent, to 18,217.734.
US Labor Department data showed the Producer Price Index (PPI) for final demand was unchanged on a monthly basis in September.
However, core PPI, excluding the volatile food and energy components, stood at 2.8% on an annual basis.
EV maker Tesla’s shares tumbled 8.1 per cent after the company launched its long awaited robotaxi, but did not provide details on production.
The Financials index rose to a record high, climbing 1.8 per cent.
JPMorgan Chase shares surged 5 per cent after the lender reported stronger-than-expected profit for the third quarter.
Wells Fargo shares added 5.6 per cent on better-than-expected Q3 profit.
BlackRock stock gained 3.9 per cent after the asset manager reported its assets under management had hit a record high for the third straight quarter.
In the bond market, the yield on the 10-year Treasury rose to 4.09 per cent from 4.07 per cent late on Thursday. The 2-year yield edged down to 3.95 per cent from 3.96 per cent.
Crude oil
Oil prices fell on Friday but were set for a second weekly gain.
Brent crude oil futures were down 66 cents, or 0.8 per cent, at $78.74 a barrel by 1324 GMT. US West Texas Intermediate crude futures slipped 65 cents, 0.9 per cent, to $75.20 per barrel.
Bullion
Gold rose on Friday after a US inflation data cemented prospects of rate cuts this year.
Spot gold rose 0.7 per cent to $2,647.19 per ounce by 10:05 a.m. ET (1405 GMT). US gold futures gained 0.9 per cent to $2,664.60.
Spot silver rose 0.6 per cent to $31.36 per ounce.