Stocks jumped Friday, Jan. 12, and the three major equity indexes finished at records as big U.S. banks kicked off the fourth-quarter earnings season.
The Dow Jones Industrial Average gained 228 points or 0.89%. The S&P 500 rose 0.67% and the Nasdaq gained 0.68%.
JPMorgan & Chase Co. (JPM) , 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 1.6%.
Wells Fargo & Co. (WFC) , 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 0.73%.
BlackRock Inc. (BLK) 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. The stock rose 3.2%.
Facebook Inc. (FB) fell 4.5% after the social media giant said it would re-tool its news feed to direct more content from the families and friends of its 2 billion monthly active users.
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Shares of Advanced Micro Devices Inc. (AMD) tumbled nearly 1% 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%.
U.S. oil prices turned higher Friday, rising 0.49% to $64.11 a barrel.
In Europe, the Stoxx 600 benchmark, the region's broadest measure of share prices, rose 0.31%, while Asian stocks ended Friday's session mostly higher.
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