FOX Business: Capitalism Lives Here
The Dow roared higher for the second day in a row, posting its first back-to-back triple-digit advance since October, on strong earnings and data.
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The Dow Jones Industrial Average climbed 108 points, or 0.66%, to 16482, the S&P 500 advanced 9.5 points, or 0.52%, to 1848 and the Nasdaq Composite rose 31.9 points, or 0.76%, to 4215.
The broad S&P 500 also hit an all-time closing high.
It's been a strong earnings season for banks for far. Bank of America (NYSE:BAC) shares rallied after the No. 2 U.S. bank posted better-than-expected quarterly results. Fellow banking giants J.P. Morgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) also revealed fourth-quarter beats this week.
On the economic front, the Labor Department said wholesale inflation rose by 0.4% in December from the month prior, the biggest increase since June 2013, matching economists’ expectations. Excluding the food and energy components, prices were up 0.3%, the biggest gain since July 2012, and higher than the 0.1% advance Wall Street anticipated.
The New York Federal Reserve’s regional manufacturing gauge shot up to 12.51 in January from 2.22 in December, widely beating estimates of 3.75. Readings above 0 point to expansion, while those below indicate contraction.
Inflation and wage pressure were ‘contained’ and didn’t present major problems in November through the end of the year across the Federal Reserve’s 12 districts, according to the central bank’s anecdotal Beige Book report. Meanwhile, economic activity continued to expand across most districts.
Elsewhere in corporate news, Apple (NADSAQ:AAPL) CEO Tim Cook reportedly said iPhone sales in China hit a record high in the tech giant's fiscal first quarter.
In commodities, U.S. crude oil futures climbed 34 cents, or 0.38%, to $92.94 a barrel. Wholesale New York Harbor gasoline dipped 0.49% to $2.61 a gallon. Gold fell $9.80, or 0.8%, to $1,236 a troy ounce.