Indices are hitting records, posting a five-week winning streak after positive earnings and cool inflation

• US stocks rose on Friday, with the S&P 500 and the Dow Jones hitting record highs.

• JPMorgan and Wells Fargo reported strong profits that eased fears of a consumer slowdown.

• September’s producer price index was flat, easing inflation concerns amid rising interest rates.

US stocks rose on Friday, with all three major averages posting a five-week winning streak.

The S&P 500 and the Dow Jones Industrial Average closed at record highs on Friday. The session marked the S&P 500’s 45th record high this year and the first time the benchmark index climbed above 5,800.

The gains came after US megabanks JPMorgan and Wells Fargo reported upbeat third-quarter results that showed no signs of an impending consumer slowdown.

JPMorgan CEO Jamie Dimon praised his bank’s performance in the earnings release But warned about the geopolitical conditions are ‘insidious and getting worse’. Dimon has warned for a long time investors about increasing geopolitical risks.

Stock prices on Friday were also a slight drag on the September inflation gauge.

The producer price index was flat month-on-month, below economists’ estimates of a 0.1% increase. Meanwhile, core PPI rose 0.1% in September, compared with an expected increase of 0.2%.

The cool PPI report came a day after the CPI report was slightly hotter than expected.

“The CPI may have seemed high, but the PPI was not. Overall, these numbers are becoming less and less impactful as inflation declines. The Fed could still be on target for 25 basis points at its next two meetings. Rates are has risen sharply recently, but that is not clear.” they have much more reason for continued upside,” TradeStation strategist David Russell told Business Insider.

Aside from the earnings results, the next big data release for investors to keep an eye on is retail sales, due on October 17.

Bank of America analysts expect retail sales to rise 0.8% in September, while consensus estimates expect only 0.2% growth.

Here’s where the US indexes stood at 4pm on Friday:

Here’s what else is going on:

The story continues

In commodities, bonds and crypto:

• West Texas Intermediate crude fell 0.45% to $75.51 a barrel. Brent crude, the international benchmark, fell 0.55% to $78.96 per barrel.

• Gold rose 1.26% to $2,672.60 an ounce.

• The yield on ten-year government bonds rose by one basis point to 4.083%.

• Bitcoin rose 4.45% to $62,963.

Read the original article on Business Insider