Wednesday, 17 January, 2018

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

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Laurie Berry | 13 January, 2018, 11:15

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".

Oil-linked shares with big gains included Dow member Chevron, up 3.1 percent, Apache, up 4.7 percent and Schlumberger, up 1.9 percent.

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

"Energy is in a good space with crude above 64 bucks and you have industrials being driven by airlines stocks".

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

Iran accuses U.S. of 'grotesque' meddling
People stand near a burning vehicle in Tuyserkan, Hamadan Province, Iran, December 31, 2017 in this still image taken from video. Iranian authorities have sought to distinguish anti-regime protesters from what they see as legitimate economic grievances.

The Dow Jones industrial average rose to an all-time high on Thursday as investors bet economic growth would pick up steam. The Nasdaq Composite dropped 6.13 points, or 0.08 percent, to 7,205.65.

"Expect some irregularities with respect to earnings in the quarter, but investors are looking beyond the impact of tax and how it hits the bottom line", said Massud Ghaussy, director at Nasdaq Advisory Services.

Consumer discretionary (+1.3%) was the top-performing group, with Lowe's (+5.4%) setting the pace after reports that investor D.E. Shaw has build an active stake in the company. All three benchmarks were on track for weekly gains of at least 1%.

Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.

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