S&P, Dow open higher as bank shares rise

S&P, Dow open higher as bank shares rise

Andrew Cummings
January 13, 2018

The Nasdaq is up 124.50 points, or 1.7 percent.

Bank stocks were helped by a rise in Treasury yields after underlying US consumer prices for December posted the biggest gain in 11 months, signaling a pickup in inflation. The S&P 500 gained 0.5 percent and reached an all-time high, with energy and industrials as the best-performing sectors.

The index rose 135 points to a record high, led by Boeing, General Electric and Caterpillar.

Wells Fargo fell 0.7 percent as the bank set aside more money in fourth quarter to cover expenses related to probes into its mortgage and sales practices.

The Dow Jones industrial average climbed 228.46, or 0.9 percent, to 25,803.19.

"I don't think you would've seen a big pop in bank stocks, no one's surprised by these numbers", said Ron Weiner president and founder of RDM financial in Westport Connecticut.

The S&P 500 and Nasdaq both registered their eight record closing highs out of the first nine trading days of 2018, while the Dow boasted its sixth closing high of the year. The tech-heavy Nasdaq Composite Index is up by more than 5 percent.

Xerox shares jumped 4.22 percent after the Wall Street Journal reported the copier maker was in deal talks with Japanese camera maker Fujifilm Holdings that could include a change in control of Xerox.

The Dow is up 507.32 points, or 2 percent. Economists polled by Reuters had forecast core CPI rising 0.2 percent.

Advancing issues outnumbered decliners on the NYSE by 1,462 to 1,035. On the Nasdaq, 2,140 issues rose and 771 fell.

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