December 14, 2018

S&P, Dow open higher as bank shares rise

13 January 2018, 11:17 | Joann Bryant

Dow Jumps 200 Points as Trump Rally Drives Deeper Into Record Territory

Traders work on the floor of the New York stock exchange on 8 January 2018. Reuters

The Dow Jones Industrial Average and S&P 500 index opened higher on Friday, extending their run into the record books, as fourth-quarter corporate earnings season kicked off.

JPMorgan (JPM.N), the biggest US lender by assets, said a USA tax overhaul would help future profits by reducing its tax bill and stimulating more business.

The Nasdaq is up 124.50 points, or 1.7 percent.

"The economy is looking good, numbers look good, and companies are making money".

The index rose 135 points to a record high, led by Boeing, General Electric and Caterpillar. In fact, the roughly 4.3% rise for the Dow Jones Industrial Average and more than 4% rise for the S&P 500 index so far in 2018, represent the best start to a year since 2003, according to WSJ Market Data Group. "This quarter may be a little messy because of the tax bill, but there's so much optimism, so much enthusiasm about earnings", says Michael Matousek, head trader at U.S. Global Investors.

The S&P 500 is up 43.09 points, or 1.6 percent.

BlackRock (BLK.N) rose 3.3 percent.

The sector was also helped by a late-afternoon Bloomberg report that activist D.E. Shaw built a position in Lowe's Companies (LOW.N), sending its shares up 5.3 percent.

Advanced Micro Devices fell 2.66 percent after the company said its microprocessors are prone to both variants of the Spectre security flaw, days after saying its risk for one of them was "near zero".

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