Wall Street surges as consumer and bank stocks gain

Wall Street surges as consumer and bank stocks gain

Banks rose. The Standard & Poor's 500 was on pace for its first loss of 2018.

USA stocks fell from record highs on Wednesday, with S&P 500 and Nasdaq closing lower for the first time this year, as traders took profits after a strong rally.

SEASON'S GREETINGS: Target became the latest retailer to say it enjoyed a strong holiday season, and it raised its profit forecast for the year.

Wells Fargo fell 0.8 percent after it set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices.

Investors have always been preparing for a gradual increase in bond yields, and Hartman said stocks can keep climbing as long as rates do rise at a measured pace.

Overall inflation slowed in December, but that was mostly due to gasoline and other items that are prone to quick changes in price.

The report triggered sell-offs of US government bonds and the yield on the 10-year Treasury reached its highest level since March at one point before pulling back.

The Russell 2000 is up 31.96 points, or 2 percent.


That's in part because he expects interest rates to climb as the government's need to borrow rises and as the Federal Reserve increases rates and pulls back from bond purchases it made to aid the economy. Most stock markets in Southeast Asia were weaker.

USA stocks brushed aside their first wobble of the year and got back to setting records Thursday. The company also credited lower tax rates, which Washington approved last month as part of its tax overhaul, for the brighter outlook.

But some caution is starting to creep in as prices keep climbing.

WALL STREET: U.S. stocks finished lower on Wednesday. "We try not to be greedy about it". The company also said, however, that it would close dozens of Sam's Club locations in the coming months.

The S&P 500 fell 4 points, or 0.2 percent, to 2,747. The changes may mean people spend less time on Facebook, and less advertising revenue for the company. United rose $4.60, or 6.7 percent, to $73.08.

The Nasdaq composite rose 49.28, or 0.7 percent, to 7,261.06. The bank's shares rose 1.7 percent. The euro rose to $1.2036 from $1.1957. The British pound rose to $1.3734 from $1.3536, and the dollar held steady at 111.09 Japanese yen. Benchmark U.S. crude rose 23 cents to settle at $63.80 a barrel; earlier in the day, they climbed as high as $64.77.

In the commodities markets, gold rose $5.60 to settle at $1,319.30 per ounce, silver added 3 cents to $17.04 per ounce and copper gained 2 cents to $3.24 per pound. It gained 38 cents to $69.20 a barrel on Wednesday.

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