ibusinesslines.com September 20, 2018

Facebook shares sink as USA stocks add to records

13 January 2018, 11:16 | Kelvin Horton

Facebook shares sink as USA stocks add to records

Liberty Oilfield Services Inc. CEO Chris Wright talks with NYSE Group President Thomas Farley while waiting for the companies IPO on the floor of the New York Stock Exchange shortly after the opening bell in New York

The S&P consumer discretionary index.SPLRCD jumped 1.3 percent after retail sales data showed households bought more goods, suggesting the economy exited 2017 with strong momentum.

The S&P 500 is up 43.09 points, or 1.6 percent.

Amazon rose 1.3 percent and provided the biggest boost to the S&P and the Nasdaq.

The Dow Jones Industrial Average rose by 29 percent last year and the broader S&P 500 rose 22 percent, rare and breath-taking gains that simply can not be repeated every year.

JPMorgan Chase & Co rose 0.5 percent in choppy trading after the biggest US bank by assets reported profit that beat estimates, benefiting from higher interest rates and loan growth.

At the closing bell, the Dow Jones Industrial Average stood at 25,574.73, up 0.8 percent.

Industrial companies that advanced included Dow members Caterpillar and Boeing which won 2.0 and 2.4 percent and Cummins, which advanced 1.9 percent.

Wall Street surged to fresh highs on Thursday as rising oil prices lifted energy stocks and upbeat forecast from No. 2 USA carrier Delta Air Lines drove airline stocks higher. The Nasdaq Composite Index's more than 5% advance so far this month, marks the best start to a year since 2004.

Delta Air Lines surged 4.8 percent after reporting fourth-quarter earnings of 96 cents per share, eight cents above analyst expectations.

The Dow is up 1,083.97 points, or 4.4 percent. On the Nasdaq, 1,445 issues rose and 969 fell.

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