It was another strong day on Wall Street Friday to close the week:
- The S&P 500 rose 30 points, or 0.5%, to 5,615.
- The Dow jumped 247 points, or 0.6%, to 40,000.90, the first time it has closed above 40,000 since doing so in May, per CNBC.
- The Nasdaq rose 115 points, or 0.6%, to 18,398.
Bank of New York Mellon climbed 5% for one of the market's bigger gains after it reported better profit for the spring than analysts expected, per the AP. Nvidia and other highly influential Big Tech stocks also helped lift the market after a slide the prior day. They helped offset a drop for Wells Fargo, which sank 5.8% even though the San Francisco-based bank reported stronger profit than analysts expected. It said a key underlying measure of profit fell from a year ago and that its net interest income could remain in the bottom half of the range it had forecast for the full year.
In the bond market, which has been home to some of Wall Street's strongest action this week, Treasury yields yo-yoed after the release of the latest update on inflation. It said prices rose more at the wholesale level last month than economists expected, which was a letdown after data on Thursday said inflation at the consumer level was better than expected. "It's still going to take some time before we know whether yesterday's number or today's was the aberration," said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley.
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