US STOCKS-Wall Street higher as consumer and bank stocks gain

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

* Consumer prices rise 0.3 pct in Dec. vs est. rise of 0.2 pct * Retail sales up 0.4 pct vs est increase of 0.4 pct * Facebook falls after making changes to News Feed * Indexes up: Dow 0.42 pct, S&P 0.19 pct, Nasdaq 0.07 pct (Updates to open) By Sruthi Shankar Jan 12 (Reuters) - Wall Street's main indexes were higher on Friday as strong December retail sales data drove gains in consumer stocks and bank results pushed up the financial sector. The S&P consumer discretionary index .SPLRCD jumped 0.55 percent after data showed households bought a range of goods and figures for the prior month were revised higher, suggesting the economy exited 2017 with strong momentum. urn:newsml:reuters.com:*:nLNSCCEE52 Amazon AMZN.O rose 1.3 percent and provided the biggest boost to the S&P and the Nasdaq. JPMorgan Chase & Co JPM.N rose 0.5 percent in choppy trading after the biggest U.S. bank by assets reported profit that beat estimates, benefiting from higher interest rates and loan growth. urn:newsml:reuters.com:*:nL4N1P73RM Wells Fargo WFC.N fell 0.7 percent as the bank set aside more money in fourth quarter to cover expenses related to probes into its mortgage and sales practices. urn:newsml:reuters.com:*:nL4N1P749F The S&P financial index .SPSY rose 0.5 percent. "I don't think you would've seen a big pop in bank stocks, no one's surprised by these numbers," said Ron Weiner president and founder of RDM financial in Westport Connecticut. While tax-related costs are expected to weigh on banks' earnings, they are expected to benefit in the long run from lower tax burden. Earnings for S&P 500 companies are expected to increase on an average by 11.8 percent in the quarter with profit for financial services companies growing as much, according to Thomson Reuters I/B/E/S. At 9:38 a.m. ET (1438 GMT), the Dow Jones Industrial Average .DJI was up 106.44 points, or 0.42 percent, at 25,681.17 and the S&P 500 .SPX was up 5.24 points, or 0.19 percent, at 2,772.8. The Nasdaq Composite .IXIC was up 5.27 points, or 0.07 percent, at 7,217.04. The index was dragged by a 4 percent fall in Facebook's FB.O shares after the company started changing the way it filters posts and videos on News Feed. urn:newsml:reuters.com:*:nL1N1P702Z Advanced Micro Devices AMD.O fell 2.66 percent after the company said its microprocessors are prone to both variants of the Spectre security flaw, days after saying its risk for one of them was "near zero". urn:newsml:reuters.com:*:nL4N1P65A6 Futures fell briefly on Friday after consumer prices for December posted their biggest gains in 11 months, raising expectations of inflation gaining momentum this year. The Labor Department's Consumer Price Index, which excludes the volatile food and energy components, rose 0.3 percent last month. Economists polled by Reuters had forecast core CPI rising 0.2 percent. Core CPI increased 1.8 percent in the 12 months through December, picking up from 1.7 percent in November. urn:newsml:reuters.com:*:nLNSCCEE53 Advancing issues outnumbered decliners on the NYSE by 1,462 to 1,035. On the Nasdaq, 1,445 issues rose and 969 fell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur) ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328; Reuters Messaging: sruthi.shankar.reuters.com@reuters.net)) Keywords: USA STOCKS/

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.