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 January 12, 2018 - 12:27 PM EST
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Stocks Roar to Records on Strong Earnings

Stocks Roar to Records on Strong Earnings

Stocks rose to record highs on Friday after some of the major financial companies in the U.S. reported strong quarterly results.

The Dow Jones Industrials triumphed 198.68 points to reach lunch hour at 25,773.41. J.P. Morgan Chase was among the best-performing stocks in the index, rising 1%.

The S&P 500 acquired 14.38 points to 2,781.94, with industrial and consumer discretionary as the best-performing sectors.

The index was also enjoying its best 10-day start to a year since 2003. In that time period, the S&P 500 is up 4%. It gained 5.9% during the first 10 days of 2003.

The NASDAQ composite index zoomed 37.3 points to 7,249.08, and also hit an all-time high. Amazon shares rose 1.8% and broke above $1,300 U.S. for the first time.

U.S. markets will be shuttered Monday for Martin Luther King Day.

S&P 500 profits are expected to have risen 11.2% in the fourth quarter of last year. All 11 S&P 500 sectors, meanwhile, are expected to post increases in both earnings and revenue. This would be the first time since 2011 that all the sectors in the S&P 500 posted sales and profit growth for the same quarter.

Stocks have carried over the momentum from 2017 into the New Year thus far. The S&P 500 and NASDAQ have closed lower only once this year, while the Dow has fallen just twice. For 2018, the major averages were up at least 3.5% entering Friday's session.

For the week, they were on track to post gains of at least 1.2%. The Dow has outperformed the NASDAQ and S&P 500 this week, gaining 1.8%, as Boeing shares have soared 8.4%.

J.P. Morgan Chase, BlackRock and Wells Fargo all reported better-than-expected quarterly results.

Recent data suggests the stateside economy is picking up steam. The U.S. Labor Department said its Consumer Price Index excluding the volatile food and energy components rose 0.3% last month. That was the biggest advance in the so-called core CPI since January.

Prices for the benchmark 10-year Treasury note faded, raising yields to 2.56% from Thursday's 2.54%. Treasury prices and yields move in opposite directions.

Oil prices moved higher by five cents a barrel to $63.85 U.S.

Gold prices added nine dollars to $1,331.50 U.S. an ounce.

Source: Livemoney (January 12, 2018 - 12:27 PM EST)