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Led by Financial Stocks, SP500 Looks Set To Close Higher

Jan, 13th 15:59

U.S. equities advanced on Friday, led by financial stocks after national big banks reported upbeat earnings reports. The benchmark S&P 500 rose nearly 0.3% to 2277.22 ahead of a long holiday weekend. US banks will be closed in observance of Martin Luther King Day on Monday.

Shares of J.P. Morgan Chase & Co. and Bank of America Corp rose more than 1.2% each as both banks reported earnings and revenue that surged past expectations, supported by its trading division. Those of Wells Fargo & Co. rose even more than 2% despite of the fact that the San Francisco-based bank reported weaker-than-expected earnings.

Out of 11 sectors making up the benchmark, there were only 5 sectors trading lower.

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