04:40 PM EDT, 10/11/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 closed at all-time highs Friday following post-earnings rallies in JPMorgan Chase ( JPM ) and Wells Fargo ( WFC ) shares.

The Dow jumped 1% to 42,863.9, while the S&P rose 0.6% to 5,815, topping 5,800 for the first time. The Nasdaq Composite increased 0.3% to 18,342.9. Among sectors, financials led the gainers, while technology was little changed. Consumer discretionary was the sole decliner.

For the week, the Dow rose 1.2%, while the S&P 500 and the Nasdaq both added 1.1%.

In company news, JPMorgan ( JPM ) shares jumped 4.4%, the biggest gain on the Dow, after the company's Q3 earnings unexpectedly rose, while revenue topped market estimates, buoyed by gains in investment banking.

Wells Fargo ( WFC ) shares jumped 5.6%, the fourth-biggest increased on the S&P. In Q3, earnings topped market estimates as trading gains and investment banking fees helped drive noninterest income higher.

Fastenal's ( FAST ) Q3 results came in ahead of Wall Street estimates despite the industrial and construction supplies distributor facing sluggish demand in end markets. The company's shares rose 9.8%, the top gainer on the Nasdaq.

Tesla (TSLA) fell 8.8%, the biggest drop on the Nasdaq. Late Thursday, the electric vehicle maker unveiled prototypes of a two-seat autonomous vehicle called Cybercab and a 20-person vehicle dubbed Robovan. The event lacked details and updates on several important fronts, Morgan Stanley and Oppenheimer said Friday.

The US two-year yield fell 5 basis points to 3.95%, while the 10-year rate lost 1 basis point to 4.09%.

In economic news, Bureau of Labor Statistics data showed that US producer prices were unexpectedly flat sequentially in September, while the annual metric topped market expectations.

On Thursday, the bureau reported September consumer inflation rose more than expected from the previous month and a year earlier.

"A hotter-than-expected read on both consumer and producer inflation is unwelcomed for the (Federal Reserve) still struggling to reinstate price stability," Stifel said in a Friday note.

Markets are currently pricing in an 89% probability that the Federal Open Market Committee will reduce interest rates by 25 basis points next month, with the remaining odds in the favor of monetary policy remaining unchanged, according to the CME FedWatch tool.

US consumer sentiment fell so far this month, while year-ahead inflation expectations increased, preliminary results from the University of Michigan's Surveys of Consumers showed.

West Texas Intermediate crude oil dropped 0.4% to $75.55 a barrel.

Gold increased 1.3% to $2,673.10 per troy ounce, while silver gained 1.7% to $31.77 per ounce.