Stocks traded higher Friday, Jan. 12, and the three major equity indexes reached intraday records as big U.S. banks kicked off the fourth-quarter earnings season.
The Dow Jones Industrial Average rose 187 points, or 0.73%, the S&P 500 rose 0.52%, and the Nasdaq gained 0.48%.
JPMorgan & Chase Co. (JPM) - Get Report , America's biggest bank, said fourth-quarter profit fell 37% to $4.23 billion but adjusted earnings per share of $1.76 topped analysts' forecasts of $1.69. The stock rose 1.1%.
Wells Fargo & Co. (WFC) - Get Report , the U.S. lender under fire from regulators and customers over abusive sales practices, posted its biggest quarterly profit increase in four years after taking a $3.35 billion gain related to passage of the U.S. tax law in December. Shares fell 1%.
BlackRock Inc. (BLK) - Get Report said fourth-quarter profit more than doubled, as the largest U.S. money manager benefited from runaway investor demand for its iShares exchange-traded funds and a $1.2 billion net gain due to the U.S. tax law passed in December.
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Shares of Advanced Micro Devices Inc. (AMD) - Get Report tumbled 2.2% after the chipmaker said its microprocessors were susceptible to both variants of the Spectre security flaw. AMD said several days ago there was a "near zero risk" that its chips were susceptible to the security flaw.
In U.S. economic news, the consumer price index in December rose 0.1%, meeting economists' estimates. Retail sales in December rose 0.4%.
In commodity markets, global oil prices eased from their three-year peaks after customs data from China showed that imports slowed to 33.7 million barrels over December, down 4 million from the previous month to an average of around just under 8 million barrels a day. West Texas Intermediate crude oil fell 0.58% to $63,44 a barrel.
In Europe, the Stoxx 600 benchmark, the region's broadest measure of share prices, rose 0.16%, while Asian stocks ended Friday's session mostly higher.
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