12:45 PM EDT, 10/11/2024 (MT Newswires) -- US equity indexes rose as quarterly earnings from banking giants aided risk sentiment while mixed producer price inflation data sent government bond yields lower.

The Nasdaq Composite rose 0.6% to 18,328.6, with the S&P 500 up 0.6% to 5,813.2 and the Dow Jones Industrial Average 0.8% higher at 42,805.4 after midday Friday. The S&P 500 and the Dow touched new 52-week intraday highs. All sectors, except consumer discretionary, rose intraday, with financials and industrials the standout gainers.

JPMorgan Chase's ( JPM ) Q3 earnings unexpectedly rose year over year while revenue topped market estimates, buoyed by gains in its investment banking operations. Its shares advanced 4.2% intraday, the top performer on the Dow.

Wells Fargo's ( WFC ) Q3 earnings topped estimates as trading gains and investment banking fees helped drive noninterest income higher. Shares jumped 6.2% intraday, the third-biggest gainer on the S&P 500.

Most US Treasury yields fell intraday, with the 10-year yield down 1.5 basis points to 4.08% and the two-year rate 4.8 basis points lower at 3.96%.

In economic news, the US Producer Price Index held steady in September following a 0.2% increase in August and a 0.1% gain expected in a survey compiled by Bloomberg. After excluding food and energy prices, the core PPI rose 0.2%, as expected, following a 0.3% gain in the previous month.

PPI was up 1.8% year-over-year in September, slower than a 1.9% rate in the previous month, but core PPI accelerated to 2.8% year-over-year from 2.6% in August.

Meanwhile, the University of Michigan's preliminary consumer sentiment index fell to 68.9 in October from 70.1 in September, compared with expectations for an increase to 71.0 in a survey compiled by Bloomberg. Respondents saw one-year inflation expectations at 2.9%, up from 2.7% in September, while five-year inflation expectations slowed to 3% from 3.1%.

West Texas Intermediate crude oil slipped 0.2% to $75.66 a barrel.