Main stock indexes close at records as earnings get underway

Traders work on the floor of the New York stock exchange on 8 January 2018. Reuters

Rising retailers pushed US stock indexes further into record territory on Friday, as the market's fabulous start to 2018 carried through its second week. The Dow Jones Industrial Average rose 228 points, or 0.9%, to close at 25,803, climbing 2% for the week.

While S&P 500 (SPX) and Dow Jones Industrials (DJIA) may be peaking out over the coming days, the Russell 2000 still looks early in this regard, and should be studied along with the others until some signs of confluence identify a broader market peak. The tech-heavy Nasdaq Composite Index is up by more than 5 percent.

S&P 500 profits are expected to have risen 11.2 percent in the fourth quarter of previous year.

The Nasdaq is up 124.50 points, or 1.7 percent. The two-year yield broke above 2 percent for the first time since September 2008.

The S&P consumer discretionary index jumped 0.81 percent after an increase in retail sales showed households bought more goods and figures for the prior month were revised higher, suggesting the economy exited 2017 with strong momentum.

The Dow is up 1,083.97 points, or 4.4 percent. It traded at 2.02 percent at 9:17 a.m. ET. For 2018, the major averages were up at least 3.5 percent entering Friday's session.

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