The markets closed at record highs again today as banking stocks like Wells Fargo (NYSE: WFC), JP Morgan (NYSE: JPM) and Blackrock (NYSE: BLK) all reported earnings that came in better than expected. This is now the best 10 day start to a year for the S&P 500 since 2003 and the Dow is now ¾ of the way to the next 1000 mark.
The Dow 30 added 227, the S&P 500 added 18, and the Nasdaq 100 gained 49 on the day. Consumer discretionary stocks continue to be on fire with Amazon (NASDAQ: AMZN) a notable performer today, adding 2.23%. This was one of the best performing sectors of the day, adding over 3% just this week.
As for earnings the bar is set pretty high. All 11 S&P 500 sectors are expected to show increases in earnings and revenue for this earnings season.
JPMorgan (NYSE: JPM) shares popped 1.70% today after the bank reported earnings that beat Wall Street expectations on both the top and bottom lines. The only negative in the report was overall profits which were hurt by a $2.4 billion charge stemming from Trump's new tax law.
Facebook (NYSE: FB) shares took a 4.47% hit today, at one point lower by almost 7% as the company officially announced changes to the news feed which will prioritize user content over that of publishers and brands. Business pages will take a back seat to personal pages and, they will continue to prioritize video posts over text and pictures. Investors are concerned people will spend less time on the site though if you read carefully, brands will simply have to pay to get in front of the user which may yield higher profits long term.
Kohls Corp (NYSE: KSS) was again one of the best performers in the S&P 500 today with a 4.55% gain on the day. RBC, and JP Morgan both upgraded the stock. JP Morgan put their price target to $72 which indicates over 10% more to the upside. Investors saw as a good sign that the store is making the right moves. Though the stock closed positive on the day, it was well off it's highs as technical traders could not ignore the short term extension.