US STOCKS-Techs boost S&P and Nasdaq to records, but banks limit gains

From Reuters - October 13, 2017

* Wells Fargo hit by legal charges, mortgage banking slump

* Consumer banking boosts BofA Q3 profit

* Data puts no more inflation pressure on Fed

* Health insurers drop as Trump scraps Obamacare subsidies

* Indexes up: Dow 0.13 pct, S&P 0.09 pct, Nasdaq 0.19 pct (Updates to open)

By Sruthi Shankar

Oct 13 (Reuters) - A surge in technology stocks sent the S&P 500 and the Nasdaq to record highs on Friday, but the gains were kept in check by a drop in banks as Wells Fargo missed revenue estimates for a fourth straight quarter.

Wells Fargo tumbled 3 percent, set for its biggest drop since mid-April, adding to the pressure on bank stocks after results from JPMorgan and Citigroup on Thursday stoked concerns about consumer credit.

Bank of America, however, bucked the trend, rising 0.5 percent after the lenders profit topped estimates due to higher interest rates and a drop in costs.

The reports from the Wall Street banks kicked off the earnings season and investors are hoping profit growth will help justify valuations after a rally that has sent the S&P 500 up about 14 percent so far this year.

The market got a boost earlier in the day after data showed retail sales surged by the most in 2-1/2 years in September, easing doubts over an economy that has been sluggish this year.


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