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Stock market news: Closing bell, S&P 500 hits a record high


trader celebrationReuters
/ Paulo Whitaker

US stocks climbed to a new record as a handful of banks reported
earnings, including JPMorgan, which gained on speculation
that tax cuts will boost profits.

The S&P 500 increased 0.7%, while the Dow Jones Industrial
Average spiked 0.9% and the more tech-heavy Nasdaq 100 rose 0.7%.

First up, the scoreboard:

  • Dow: 25,803.54, +228.81, (+0.89%)
  • S&P 500: 2,786.05, +18.54, (+0.67%)
  • Nasdaq: 7,261.06, +49.28, (+0.68%)
  • US 10-year yield: 2.55%, +0.02
  • WTI crude oil: $64.40, +$0.60, +0.94%

1. A
key metric shows the stock market is at ‘extreme’ levels that are
the most stretched in 20 years
. Morgan Stanley said that the
indicator will coincide with a correction once the market has
fully topped.

2. Goldman
Sachs reveals a strategy that will help traders crush earnings
season using 20 stocks
. The firm recommends buying options
straddles that will capture the days around an earnings period,
and are also cheap relative to past moves.

3. JPMorgan
beats earnings expectations after accounting for a $2.4 billion
hit from tax reform
. The firm is the first of the big banks
to report in what is expected to be an unconventional earnings
cycle for the industry.

4. JPMorgan
lost $273 million on a single client in the fourth quarter
.
The firm confirmed the loss was connected to the South African
retailer Steinhoff International, which is embroiled in an
accounting scandal.

5. Facebook
slides after saying it will shift its newsfeed function so it’s
actually ‘good for people’
. The company said that it
will alter its news feed algorithm to prioritize content
from users’ friends rather than brand or publisher pages.

ADDITIONALLY:


The only female investment partner at $20 billion hedge fund
Canyon has left


The US government will auction off $53 million of bitcoins


Nike is going into ‘battleship’ mode to launch itself to the top
of the hot athletic apparel market


Wall Street is embroiled in a war over data — and it’s having an
impact on Americans’ savings


Lowe’s is popping after reports of an activist investor stake


Paul Ryan is already giving up on his biggest goal for 2018


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