04:56 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 500 rose 0.6% to 5,815, closing above 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 added 1.1% each.

In company news, JPMorgan ( JPM ) shares jumped 4.4%, the best performer on the Dow, after the banking giant's third-quarter earnings unexpectedly rose year over year, while revenue topped market estimates, buoyed by gains in its investment banking operations.

Wells Fargo ( WFC ) was among the top gainers on the S&P 500, up 5.6%, after the lender's third-quarter results declined on a yearly basis, but earnings topped market estimates as trading gains and investment banking fees helped drive noninterest income higher.

Fastenal's ( FAST ) third-quarter results came in ahead of Wall Street estimates despite the industrial and construction supplies distributor facing sluggish demand in its end markets. The company's shares rose 9.8%, the second-top gainer on the S&P 500 and the Nasdaq.

Tesla (TSLA) was the worst performer on the two indexes, down 8.8%. Late Thursday, the electric vehicle maker unveiled prototypes of a two-seat autonomous vehicle called "Cybercab" and a 20-person vehicle, "Robovan." The event lacked details and updates on several important fronts, Morgan Stanley and Oppenheimer said Friday.

The US two-year yield fell 4.6 basis points to 3.95%, while the 10-year rate was little changed at 4.1%.

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 BLS reported that US consumer inflation increased at a more-than-expected pace last month on both sequential and annual bases.

"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 a roughly 90% 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 0.2% to $75.71 a barrel.

Gold increased 1.3% to $2,672.90 per troy ounce, while silver gained 1.6% to $31.74 per ounce.