STOCKS HIT ALL-TIME HIGHS: Here's what you need to know

Scott Olson / Getty ImagesThe S&P 500 and Dow climbed to all-time highs in trading on Friday after some of the major banks reported quarterly profits that were better than expected.

Here's the scoreboard:

• Dow: 21,637.74, +84.65, (0.39%)
• S&P 500: 2,459.27, +11.44, (0.47%)
• Nasdaq: 6,312.47, +38.03, (0.61%)

1. In bank earnings, JPMorgan had a huge earnings beat, reporting $1.82 net income per share compared to the $1.58 expected. Wells Fargo beat expectations, reporting $1.07 per share compared to the $1.01 expected by Wall Street, but fell short on revenue. Citigroup also beat on earnings.
2. Sprint reportedly approached Warren Buffett about an investment. Sprint Chairman Masayoshi Son approached Berkshire Hathaway Chairman Warren Buffett to discuss a deal with the wireless-service provider, according to The Wall Street Journal. It could be worth over $10 billion.
3. The euphoria about the US economy after the election has vanished. The University of Michigan's preliminary consumer sentiment index for July was 93.1, the lowest since mid-November.
4. A Democratic lawmaker is taking aim at Amazon's plan to buy Whole Foods. David Cicilline, the top Democrat on the House of Representatives Judiciary Committee's antitrust panel, urged the panel to hold a hearing on the $13.7 billion deal.
5. Snap got its second downgrade of the week. Cowen's John Blackledge downgraded the stock from "Buy" to "Neutral" and lowered his price target from $21 to $17 over user growth and competition concerns.

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