Dow and S&P 500 notch record highs as earnings season kicks off

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The Dow and S&P 500 notched new highs on Friday, with the broader index closing above 5,800 for the first time as big US banks got earnings season underway.

The Dow Jones Industrial Average (^DJI) rose nearly 1% as JPMorgan Chase (JPM) shares surged. The S&P 500 (^GSPC) gained 0.6%, and the tech-heavy Nasdaq Composite (^IXIC) increased about 0.3%.

All three gauges finished the first full trading week of October with weekly wins of more than 1%.

Investors combed 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.

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