S&P, Dow open higher as bank shares rise

The Dow and S&P 500 just had the best start to a calendar year since 2003

US STOCKS SNAPSHOT-S&P, Dow open higher as bank shares rise

The Dow, S&P 500 and Nasdaq added between 1.6% and 2% for the week, increasing their 2018 gains to 4.2%-5.2%. The S&P 500 gained 0.5 percent and reached an all-time high, with energy and industrials as the best-performing sectors.

Brent crude rose above $70 a barrel and US crude rose 1.57 percent to $64.58 per barrel, its highest since December 2014, boosted by a surprise drop in USA production and lower crude inventories.

"The fact all the big money center banks beat on the bottom line is a good omen for the rest of the earnings season", said William Lynch, director of investments at Hinsdale Associates, in Hinsdale, Illinois. "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.

JPMorgan Chase & Co rose 0.5 percent in choppy trading after the biggest USA bank by assets reported profit that beat estimates, benefiting from higher interest rates and loan growth.

That helped the Dow Jones U.S. Airlines index up 2.25 percent. The Dow is up around 4.3 percent since January 2, the S&P is up 4.2 percent.

49ers LB Reuben Foster arrested for marijuana possession in Alabama
Asked about that sponsorship at his introductory press conference, Foster said, "This is a new leaf and I'm not answering that". Foster played at Alabama, where he was a first-team All-America pick and won the Butkus Award as the nation's top linebacker.

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

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

S&P 500 measures the performance of 500 widely held common stocks of large-cap USA companies.

All three indices closed at records on Thursday.

Advancing issues outnumbered decliners on the NYSE by 1,462 to 1,035.

Latest News