S&P, Dow open higher as bank shares rise

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

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Wall Street rose to record highs on Friday as fourth-quarter earnings season kicked off with solid results from JPMorgan and BlackRock and robust retail sales drove gains for consumer stocks.

Wall Street stocks surged to another round of records Friday as earnings season kicked off amid optimism ignited by the United States tax reform.

Wells Fargo shed 0.7% as fourth-quarter earnings rose 17% to US$6.2 billion, (RM24 billion) but were marred by US$3.3 billion in litigation costs, some in the aftermath of the fake accounts scandal. However, the Nasdaq Composite Index was under pressure, trading flat at 7,213, as Facebook Inc.'s shares (FB) fell 4.5% after late Thursday announcing changes to the news feed on its social-network platform. The S&P 500 is now up 3.95% in the year's first few sessions. The S&P 500 gained 2.31 points, or 0.083467 percent, to 2,769.87.

The Nasdaq is up 124.50 points, or 1.7 percent.

Advanced Micro Devices fell 2.66 percent after the chipmaker 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".

The Dow is up 1,083.97 points, or 4.4 percent. On the Nasdaq, 1,864 issues rose and 920 fell.

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