NEW YORK: Banking shares surged Friday on moves by President Donald Trump to roll back financial regulations, boosting the overall stock market and lifting the Nasdaq to a new record.
Stocks were also propelled by strong US jobs data, while department-store chain Macy’s gained on reports it could be acquired.
The Dow Jones Industrial Average stood at 20,070.91, up 0.9 percent.
The broad-based S&P 500 won 0.7 percent to 2,297.37, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 5,666.77, a record.
Trump ordered a review of key reforms enacted after the 2008 financial crisis, in the first step towards scaling back toughened regulations on the banking industry.
The news sparked a rally of large banks, with JPMorgan Chase and Citigroup jumping 3.1 percent and Goldman Sachs 4.6 percent.
The January US employment report included a better-than-expected 227,000 new jobs last month, keeping up the positive trends from the Obama years into the start of the term of President Donald Trump.
Macy’s gained 6.5 percent following reports it was in early talks towards a possible acquisition by Canada’s Hudson Bay. The news comes on the heels of announcements of job cuts and store closures by Macy’s, which has struggled to transition to the e-commerce era.
Visa jumped 4.6 percent after first-quarter net income rose 7.2 percent to $2.1 billion, with the company citing higher transaction volumes in most regions.
Amazon dropped 3.5 percent after it reported fourth-quarter net income jumped 55.3 percent to $749 million. However, revenues during the key holiday season came in a billion dollars shy of expectations at $43.7 billion.
Chipotle Mexican Grill slumped 4.7 percent as it reported that fourth quarter earnings tumbled 76 percent to $16.0 million following a series of food-safety problems.
