Banks Compensate for Drop by Tesla as More Records Fall

US stocks rose to records Friday as big banks rallied following a run of reassuring profit reports.

• The Dow rose 409.74 points, or 1%, to 42,863.86, a record.
• The S&P 500 rose 34.98 points, or 0.6%, to 5,815.03, topping its all-time high set earlier in the week.
• The Nasdaq rose 60.89 points, or 0.3%, to 18,342.94, held down by Tesla's slide.

Wells Fargo rose 5.6% after reporting stronger profit for the latest quarter than analysts expected, the AP reports. It benefited from better results from its venture-capital investments and higher fees for investment-banking services, among other factors. Banks and other financial giants traditionally kick off each earnings reporting season, and JPMorgan Chase climbed 4.4% after reporting a milder drop in profit than analysts feared. That was the strongest single force pushing upward on the S&P 500. CEO Jamie Dimon said the nation's largest bank is also still buying back shares of its stock to send cash to investors, though the pace is modest "given that market levels are at least slightly inflated."

BlackRock rose 3.6% after likewise delivering better profit for the latest quarter than analysts expected. The investment giant ended September managing a record $11.5 trillion in total assets for its customers. The gains for banks helped make up for the drag of Tesla, which tumbled 8.8% and was the heaviest weight on the market. The electric-vehicle maker unveiled its long-awaited robotaxi on Thursday night, but critics highlighted a lack of details about its planned rollout. Following the unveiling of the "Cybercab," potential rival Uber Technologies jumped 10.8% and was one of the strongest forces lifting the S&P 500. Lyft rose 9.6%. (More Wall Street stories.)