Facebook shares sink as USA stocks add to records

Traders work on the floor of the New York stock exchange on 8 January 2018. Reuters

Dow Jumps 200 Points as Trump Rally Drives Deeper Into Record Territory

Rising retailers pushed US stock indexes further into record territory on Friday, as the market's fabulous start to 2018 carried through its second week. The Dow is up around 4.3 percent since January 2, the S&P is up 4.2 percent.

The broad-based S&P 500 gained 0.2 percent to 2,772.83, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 7,219.4, weighed down somewhat by a 4.2 percent drop in Facebook.

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

Earnings from big banks were mixed, with JPMorgan Chase rising 1.7 percent after beating expectations, even as profits were hit by one-time effects of the tax law changes.

Wells Fargo shed 0.7 percent as fourth-quarter earnings rose 17 percent to $6.2 billion, but were marred by $3.3 billion in litigation costs, some in the aftermath of the fake accounts scandal.

The S&P consumer discretionary index jumped 0.81 percent after an increase in retail sales showed households bought more goods and figures for the prior month were revised higher, suggesting the economy exited 2017 with strong momentum. "A lot of these companies like Target and Home Depot are getting on with the internet ecosystem of e-commerce", said Josh Jalinski, president of Jalinski Advisory Group. On the Nasdaq, 1,808 issues rose and 1,069 fell.

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