Saturday, 14 January 2017

Nasdaq hits record; bank earnings validate Wall Street rally

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An increase in Facebook pushed the Nasdaq to a record high on Friday and the S&P 500 also rose after major US banks kicked off the fourth-quarter earnings season with strong results. Wall Street has surged since President-elect Donald Trump's unexpected election victory on optimism he will cut corporate taxes, spend on infrastructure and deregulate banks. 

With stocks trading at price-to-earnings valuations well above historical averages, many investors believe further gains will depend on S&P 500 companies handing in strong report cards over the next several weeks.

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