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Close Update: Wall Street Hits Record Highs With Strong Weekly Gains

Wall Street advanced on Friday, with the benchmark U.S. indices posting more weekly gains with advances in consumer, industrials and energy shares.

The Dow Jones Industrial Average, S&P 500 and the Nasdaq Composite all hit new record highs, with more than two thirds of the Dow's blue chips in the green, led by Boeing ( BA ) and Cisco Systems ( CSCO ).

Financials ended 1% higher after earnings from JPMorgan Chase ( JPM ) and BlackRock ( BLK ) lifted those stocks and as the day's economic data bolstered the chances of a Federal Reserve rate hike in March.

Markets have carried their 2017 increases into the new year, and have posted multiple record highs as optimism about the state of the world's biggest economy continued. The Nasdaq and the S&P 500 have only slipped one day in 2018, while the Dow has been down just twice. On the week, the Dow was up 2%, the S&P 500 rose 1.6% and the Nasdaq increased 1.7%.

Among the sectors Friday, consumer discretionary topped, rising 1.3% as retailers rallied. Economic data showed retail sales in December came in slightly beneath analysts' expectations but November's rate was revised up to 0.9%, which was said to be the best pace for that month in more than two decades and showed shoppers opened up their wallets early in the holiday season.

Also, consumer price inflation accelerated 0.1% in the month, matching the consensus while the core rate that strips out food and energy rose 0.3%, besting expectations on Econoday for 0.2%. The data helped lift the probability of an interest-rate increase in March to 73% from about 67% a day earlier.

US markets are closed for the Martin Luther King, Jr. holiday on Monday, while on Tuesday, the earnings news continues with Citigroup ( C ), UnitedHealth (UNH) and CSX (CSX) among those on the calendar.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 228.46 points (+0.89%)

S&P 500 was up 18.68 points (+0.67%)

Nasdaq Composite Index was up 49.28 points (+0.68%)

GLOBAL SENTIMENT

FTSE 100 was up 0.2%

Nikkei 225 was down 0.24%

Hang Seng Index was up 0.94%

Shanghai China Composite Index was up 0.12%

UPSIDE MOVERS

(+) PFMT (+18.46%) Wins contract to collected on defaulted student loans

(+) TOUR (+12.22%) Announced $100 million share repurchase program

(+) SAEX (+7.44%) Received Alaskan tax credit certificates

(+) AT (+4.35%) Confirms talks on opportunities for plants, including cryptocurrency mining demand

(+) JWN (+3.43%) Nordstrom family members said to seek to resume effectors on taking company private

DOWNSIDE MOVERS

(-) AQB (-37.73%) Priced 3.7 million share offering at $3.25 per share

(-) WATT (-13.12%) Warns of lower Q4 revenue vs estimates

(-) GME (-11.02%) Expects to incur non-cash impairment charges in technology brand business

(-) FB (-4.47%) Plans to shift away from posts by businesses

(-) OII (-2.69%) Downgraded at Wells Fargo to underperform

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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