Wall St scales record highs on earnings optimism, robust data

Postado Janeiro 13, 2018

The S&P 500 posted 107 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 176 new highs and 18 new lows. Visit MarketWatch.com for more information on this news.

Earnings from big banks were mixed, with JPMorgan Chase rising 1.7 percent after beating expectations, even as profits were hit by one-time effects of the tax law changes.

The Russell 2000, which moved back to new high territory yesterday, has begun to show a much steeper trajectory of late. "The CPI data that came in is a good level to be in an economy that seems to be expanding".

Wells Fargo fell 0.8 percent after it set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices. The S&P 500 gained 2.31 points, or 0.083467 percent, to 2,769.87.

The Dow Jones Industrial Average rose 80.35 points, or 0.31 percent, to 25,655.08.

Amazon rose 2.2 per cent to breach $1,300 for the first time. "A lot of these companies like Target and Home Depot are getting on with the internet ecosystem of e-commerce", said Josh Jalinski, president of Jalinski Advisory Group.

Sales at online retailers soared 1.2 percent.

Advancing issues outnumbered declining ones on the NYSE by a 3.40-to-1 ratio; on Nasdaq, a 3.18-to-1 ratio favored advancers.