Wall Street higher as consumer and bank stocks gain

Wall Street higher as consumer and bank stocks gain

Amazon rose 1.3 percent and provided the biggest boost to the S&P and the Nasdaq.

Rising retailers pushed US stock indexes further into record territory on Friday, as the market's fabulous start to 2018 carried through its second week.

Delta Air Lines rose about 2 percent after reporting upbeat quarterly profit as well as forecast, helped by higher business fares in a busy holiday season.

Wells Fargo 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.

The Dow Jones industrial average rose to an all-time high on Thursday as investors bet economic growth would pick up steam.

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"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. The Nasdaq Composite dropped 6.13 points, or 0.08 percent, to 7,205.65.

The sector was also helped by a late-afternoon Bloomberg report that activist D.E. Shaw built a position in Lowe's Companies (LOW.N), sending its shares up 5.3 percent.

Industrial companies that advanced included Dow members Caterpillar and Boeing which won 2.0 and 2.4 percent and Cummins, which advanced 1.9 percent.

The Dow is up 1,083.97 points, or 4.4 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers. On the Nasdaq, 2,140 issues rose and 771 fell.

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