Tech pushes S&P 500, NASDAQ to fresh record highs

US stock indices opened the last session of this week at fresh record highs for S&P 500, NASDAQ, led higher by Apple and Facebook, while the finance sector trimmed the gains on Wall Street after Wells Fargo reported disappointing third quarter results that raised concerns about US consumer credit. 

JPMorgan & Chase and City Group released their reports on Thursday, while Wells Fargo led the finance sector down with a 3% loss, as Bank of America on the other hand rose 0.5% after forecast-beating results, bolstered by interest rate hikes and lower costs. 

Health care lost ground after US President Donald Trump canceled subsidies estimated at billion of dollars for the healthcare system known as Obamacare, especially for citizens with the lowest income. 

Earlier US data showed consumer prices accelerated to an eight-month high, as retail sales rose as well in September, while the UoM Consumer Sentiment survey bested expectations in October. 

Federal Reserve Bank of Chicago President Charles Evans spoke about the economy and monetary policy at the Wisconsin Summit on Financial Literacy, in Green Bay, where he mentioned that the US economy enjoy strong foundations, and noted that the pace of wage growth has accelerated compared to recent years, while still being weaker than normal. 

Evans said that a 2% inflation rate is a priority for the Federal Reserve currently, adding that recent storms weighed on the growth rate in the third quarter, while expecting the economy to rebound from the slump later, as markets now look forward to Federal Reserve Bank of Dallas President Robert Kaplan's speech about the economy and monetary policy at the Chartered Financial Analyst Institute, in Boston.

As of 04:15 GMT, Standard and Poor's 500 rose 0.23%, or 5.92 points to 2,556.85, as Dow Jones added 0.19%, or 43.69 points to 22,884.70. 

Tech-heavy NASDAQ climbed 0.31%, or 20.14 points to 6,611.65.