Economy

U.S. stocks finish at all-time highs anew

U.S. stocks finish at all-time highs anew”

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 unifying factor of today's move and this whole week is a heightened confidence in the pace of economic activity".

After a down day on Wednesday, Wall Street rebounded in a big way Thursday, nearing record closes. "It seems like the economy is going OK, inflation is kind of nonexistent right now, wage growth is not an issue for most income statements, so what's not to like here".

JPMorgan Chase 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.

Earnings for S&P 500 companies are expected to have increased by 11.8 percent in the recently-ended quarter, with the biggest gain from the energy sector, according to Thomson Reuters I/B/E/S. "This is a wait-and-see mode with a healthy amount of optimism". It measures the daily stock price movements of 30 large, publicly-owned USA companies. It also reported an upbeat quarterly profit.

The Dow Jones Industrial Average rose 80.35 points, or 0.31 percent, to 25,655.08.

For the week, the S&P rose 1.6 per cent, compared with the Dow's two-per cent rise and a 1.8-per cent advance in the Nasdaq.

The S&P and the Dow opened higher on Friday on gains in banking shares, while the Nasdaq was dragged 5 percent lower by losses in Facebook.

On U.S. exchanges 6.74 billion shares changed hands, above the 6.39 billion average for the last 20 trading days.



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