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Wall St. hits new highs on bank earnings, economic optimism

13 January 2018

The Nasdaq composite also hit a record high, as shares of Apple gained 0.4 percent.

The Dow's 4.3% YTD gain and the S&P's 4% rise mark the best start to a year since 2003, and the Nasdaq's 5% advance represents the strongest start since 2004.

Amazon rose 1.3 percent and provided the biggest boost to the S&P and the Nasdaq.

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

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Investors were also hopeful 2018 financial forecasts from US companies would beat Wall Street estimates as many analysts may not have tax savings fully reflected in their models as the tax bill was signed into law so late in December.

Earnings for S&P 500 companies are expected to increase on an average by 11.8 percent in the quarter with profit for financial services companies growing as much, according to Thomson Reuters I/B/E/S.

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

Delta Air Lines rose about 2 percent after reporting upbeat quarterly profit as well as forecast, helped by higher business fares in a busy holiday season.

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The Russell 2000 is up 56.46 points, or 3.7 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".

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.

All three indices closed at records on Thursday.

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Volume so far on USA exchanges was 6.88 billion shares, above the 6.39 billion average for the full session over the last 20 trading days.

Wall St. hits new highs on bank earnings, economic optimism