New Telegraph

US Stocks Rise Amid Big Bank Earnings, Inflation Data

US stocks gained ground on Friday as big US banks got earnings season underway and investors weighed the likely impact of a hot inflation print and unchanged wholesale inflation on Federal Reserve policy.

The Dow Jones Industrial Average (^DJI) rose nearly one per cent as big bank financial updates rolled in. The S&P 500 (^GSPC) gained close to 0.6 per cent, and the tech-heavy Nasdaq Composite (^IXIC) increased about 0.4 per cent after closing out Thursday with small losses.

All three gauges were on track to finish the first full trading week of October with overall weekly wins. Investors were combing through quarterly results from big Wall Street banks — the traditional starting gun for earnings season.

In focus is the potential impact of the Fed’s pivot to rate cuts on lending margins and, thus, on profits. At the same time, investors continue to parse the latest consumer inflation data, which failed to clearly signal the Fed’s next move on interest rate cuts.

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