Stocks Rise Amid Bank Earnings as Dollar Tumbles: Markets Wrap

BlackRock and JPMorgan kick off busy earnings season
Euro rallies on German coalition, yuan at 4-month high

Steven Ricchiuto of Mizuho Securities discusses reports on core inflation and retail sales for December.Daybreak: Americas." (Source: Bloomberg)

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By Jeremy Herron and Kailey Leinz

January 11, 2018 at 10:34 PM UTC

Updated on

January 12, 2018 at 9:02 PM UTC

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U.S. stocks rose to records as retail sales sparked optimism in the economy and JPMorgan Chase & Co. signaled tax cuts will bolster profits. The dollar weakened the most since March, sending the euro to a three-year high and the pound to its strongest since June 2016.

Treasuries pared losses that sent the two-year yield over 2 percent for the first time since 2008 as investors assessed an unexpected acceleration in core inflation that likely boosts the Federal Reserve’s case for higher rates. The S&P 500 Index capped a weekly gain that took its advance this year past 4 percent. JPMorgan rallied after saying tax cuts will balloon profits this year. The Stoxx Europe 600 Index rose. Asian shares advanced as data showed Chinese exports rose in December. Oil pushed higher for a fifth day, leaving it at a three-year high. Gold surged.