October 11, 2024 – 7:24 AM PDT
(Reuters) – The S&P 500 rose and the Dow hit a record high on Friday, driven by gains in major banks following third-quarter results, while mixed producer price data backed expectations for a 25-basis-point rate cut by the Federal Reserve in November.
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However, the tech-heavy Nasdaq lagged due to an 8.1% drop in Tesla (TSLA.O), after the EV maker unveiled its long awaited robotaxi, but did not provide details on how fast it could ramp up production or deal with potential regulatory hurdles.
The Dow Jones Industrial Average (.DJI) rose 180.22 points, or 0.42%, to 42,634.34, the S&P 500 (.SPX) gained 13.53 points, or 0.23%, to 5,793.58, and the Nasdaq Composite (.IXIC) lost 16.74 points, or 0.09%, to 18,265.31.
The Dow touched an intraday record high, outperforming its peers as major bank stocks…
