The Rally Conitnues
12-Jan-18 13:35 ET
[BRIEFING.COM] Markets continue to rally higher as the upward trend of 2018 remains firmly in place. Earnings season is underway and financials are leading the early charge as per usual. JP Morgan (JPM), Wells Fargo (WFC), PNC (PNC), and BlackRock (BLK) posted what one consider to be noisy reports due to impacts from the recent tax reforms. Stripping away the one-time items and the group posted a strong bottom line with all four beating expectations. The top line, and in the case of the banks, loan growth were a little shaky. But the upbeat comments on the economy and specter of improved earnings due to lower taxes were enough to entice investors off the sidelines once again.
The Dow is leading the way with gains of +0.7% on the session. Both the S&P and the Nasdaq are joining in as they are each up +0.5% today.
Boeing (BA) is the top performer in the Dow as it has rallied 12% since January 5. Credit Suisse moved its target to $375 from $310 this morning which is helping extend the recent rally. Merck (MRK) is close behind as it is up +1.8% on news that it and AstraZeneca's (AZN) breast-cancer drug LYNPARZA received FDA approval. JPM is up 1.0% on the day as it shakes off a top line miss to march higher.
Proctor & Gamble (PG) has been lagging as it's downward momentum in 2018 continues. PG has slipped -0.8% on the session and is trading at a five week low. General Electric (GE) is also down -0.8% as it gives up some of its early 2018 gains.