The Dow and S&P 500 rallied to fresh records on Friday behind solid bank earnings, adding to weekly gains, as markets shrugged off mixed economic data.

The Dow Jones Industrial Average shot up 1.0 percent to 42,863.86, an all-time high.

The S&P 500 rose 0.6 percent to 5,815.03, also a record, while the Nasdaq Composite Index advanced 0.3 percent to 18,342.94.

Dow member JPMorgan Chase rose more than four percent as it reported better than expected earnings behind higher revenues for equity trading and increased fees for asset management and investment banking.

Investors also cheered the bank's assessment that the US economy remains "resilient" and poised to avoid a recession.

"The bank earnings were an excuse to rally, not necessarily a reason to rally," said Steve Sosnick of Interactive Brokers. "Right now the market mentality is to rally, and it's going to do that... unless it has a reason not to, and there was no reason not to today."

Markets digested data showing US wholesale prices were flat in September and a dip in US consumer confidence in October.

Analysts have said the latest inflation data likely reduces the odds of another large interest cut by the Federal Reserve in November, but doesn't eliminate the chance for a smaller reduction.

Expectations for Fed relief on interest rates has propelled the market for much of 2024.

Among other individual stocks, Tesla slumped 8.7 percent after Elon Musk demonstrated an electric Robotaxi without steering wheels or pedals at a long-awaited event in Los Angeles.

A JPMorgan Chase note described the Tesla presentation as "underwhelming," saying it was "notably lacking in detail." (AFP)