Wall St. hits new highs on bank earnings, economic optimism

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Brent crude rose above $70 a barrel and US crude rose 1.57 percent to $64.58 per barrel, its highest since December 2014, boosted by a surprise drop in USA production and lower crude inventories.

At the closing bell, the Dow Jones Industrial Average stood at 25,574.73, up 0.8 percent.

"I don't think you would've seen a big pop in bank stocks, no one's surprised by these numbers", said Ron Weiner president and founder of RDM financial in Westport Connecticut.

Earnings for S&P 500 companies are expected to increase by 11.8 percent on an average, with the biggest contribution from the energy sector, according to Thomson Reuters I/B/E/S.

The Dow Jones Industrial Average rose by 29 percent last year and the broader S&P 500 rose 22 percent, rare and breath-taking gains that simply can not be repeated every year.

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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.

But Facebook sank 4.5 percent after announcing a plan to update its newsfeed to emphasize posts from friends and family over other content.

For the week, the S&P rose 1.6 percent, compared with the Dow's 2-percent rise and a 1.8-percent advance in the Nasdaq.

Futures fell briefly on Friday after consumer prices for December posted their biggest gains in 11 months, raising expectations of inflation gaining momentum this year. Economists polled by Reuters had forecast core CPI rising 0.2 percent. On the Nasdaq, 1,445 issues rose and 969 fell.

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