SP 500, Dow hit record highs on bank earnings boost

SP 500, Dow hit record highs on bank earnings boost

"You are just seeing blow out earnings from the banks and all the data pointing to a very strong reopening," said Thomas Hayes, chairman of Great Hill Capital."So it's a day for (the so-called) 'reopening trade' with strong financials."Morgan Stanley reported a 150% jump in quarterly profit on Friday, joining JPMorgan Chase & Co, Goldman Sachs Group Inc and Bank of America in reinforcing hopes of a swift economic recovery.Still, the investment bank's shares fell 2.9% as it also disclosed an almost $1 billion loss from the collapse of private fund Archegos. read moreShares of JPMorgan, Goldman Sachs, Bank of America, and Wells Fargo & Co rose between 0.7% and 2.4%, while the S&P financials index was up 0.4% after hitting a record high earlier in the day.People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. By 12:04 p.m. ET, the Dow Jones Industrial Average  was up 101.65 points, or 0.30%, at 34,137.64, the S&P 500 was up 8.02 points, or 0.19%, at 4,178.44, and the Nasdaq Composite  was down 7.80 points, or 0.06%, at 14,030.96.The Federal Reserve's pledge to keep interest rates low despite higher inflation has also revived