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

The S&P 500 climbed 0.6% to top its all-time high set earlier in the week and close out its fifth straight winning week, while the Dow Jones industrial average jumped 409 points, or 1%, to set its own record. The Nasdaq composite lagged the market with a gain of 0.3% after a slide for Tesla kept it in check.

Wells Fargo, Minnesota’s second-largest bank by deposit market share, rose 5.6% after reporting stronger profit for the latest quarter than analysts expected.

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. It was the strongest single force pushing upward on the S&P 500.

BlackRock, meanwhile, 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. Uber Technologies jumped 10.8% and was one of the strongest forces lifting the S&P 500. Lyft rose 9.6%.

All told, the S&P 500 rose 34.98 points to 5,815.03. The Dow rallied 409.74 to 42,863.86, and the Nasdaq composite gained 60.89 to 18,342.94.

Another automaker, Stellantis, saw its European-traded shares sink 2.8% after it announced some significant leadership changes, including the timing of CEO Carlos Tavares’ retirement.

In the bond market, Treasury yields were mixed following the latest updates on inflation at the wholesale level and on sentiment among U.S. consumers.

Prices paid by producers were 1.8% higher in September than a year earlier. That was an improvement from August’s year-over-year inflation level, but not as much as economists expected.

A separate report on Friday suggested sentiment among U.S. consumers is lower than economists expected.

The yield on the 10-year Treasury rose to 4.09% from 4.07% late Thursday. The two-year yield, which more closely tracks expectations for the Fed’s upcoming moves, edged down to 3.95% from 3.96%.

In markets abroad, stocks fell 2.5% in Shanghai for their latest sharp swing ahead of a briefing scheduled for Saturday by China’s Finance Ministry. Investors hope it will unveil a big stimulus plan for the world’s second-largest economy.

— Associated Press