January 12, 2018

After JPMorgan Chase, BlackRock, and Wells Fargo all reported better-than-expected quarterly results, U.S. Stocks closed higher Friday, with the major indexes reaching new record highs. S&P 500 profits are expected to have risen 11.2% in the 4th quarter of last year, and all 11 sectors in the index are expected to post increases in both earnings and revenues according to FactSet.  Recent data suggests the U.S. economy is picking up steam as the Labor Department said its Consumer Price Index rose .3% last month…marking the biggest advance in the Core CPI since January.  At the close,

  • Dow +228 @25803
  • S&P 500 +18 @2786
  • Nasdaq +49 @ 7261

Gold finished higher by $17.10 to $1339.60 an ounce

Oil finished higher by $ .60 cents to $64.40 a barrel

In the day’s stock news:

  • JPMorgan Chase reported quarterly results that beat on both the top and bottom lines.  The bank did take a one-time $2.4 billion charge related to the new tax law.  And,
  • Dick’s Sporting Goods was upgraded to “buy” from “hold” at Deutsche Bank.