Charles Schwab Corporation Common Stock (NYSE:SCHW) shares are trading higher by 1.48% to $67.64 during Friday's session amid strength in the U.S. financial sector following a series of strong third-quarter earnings reports from major institutions, including JPMorgan Chase, Wells Fargo and BlackRock.

These financial heavyweights surpassed earnings expectations, which lifted the entire sector and sparked a rally in peer financial firms like Charles Schwab.

What's Going On: The Financial Select Sector SPDR Fund (XLF) jumped nearly 2%, hitting record highs and setting the stage for a broad-based rally across financial stocks. This momentum has had a direct...