NEW YORK: 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. Major banks on Friday did not disappoint as Bank of America, JPMorgan and Wells Fargo all posted quarterly profits above analysts’ expectations.
Published in The Express Tribune, January 15th, 2017.
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