S&P, Dow open higher as bank shares rise

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S&P, Dow open higher as bank shares rise

All three indices closed at records on Thursday. These names stand to benefit the most if economic growth ratches up.

The Dow Jones Industrial Average and S&P 500 index opened higher on Friday, extending their run into the record books, as fourth-quarter corporate earnings season kicked off.

Chevron rose 3.2 percent and Exxon 1.5 percent, helping the S&P energy index gain 2.24 percent and putting it on track for its best percentage gain in more than seven months.

Earnings from big banks were mixed, with JPMorgan Chase rising 1.7 percent after beating expectations, even as profits were hit by one-time effects of the tax law changes.

The Dow Jones Industrial Average .DJI rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 .SPX gained 18.68 points, or 0.67 percent, to 2,786.24 and the Nasdaq Composite .IXIC added 49.29 points, or 0.68 percent, to 7,261.06.

Bank stocks were helped by a rise in Treasury yields after underlying US consumer prices for December posted the biggest gain in 11 months, signaling a pickup in inflation.

Xerox shares jumped 4.22 percent after the Wall Street Journal reported the copier maker was in deal talks with Japanese camera maker Fujifilm Holdings that could include a change in control of Xerox.

But Facebook sank 4.5 percent after announcing a plan to update its newsfeed to emphasize posts from friends and family over other content.

Advanced Micro Devices 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".

Advancing issues outnumbered decliners on the NYSE by 1,462 to 1,035.

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