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Wall Street surges as consumer and bank stocks gain


By Sruthi Shankar(Reuters) - Wall Street's main indexes surged on Friday as strong results for JPMorgan lifted financial stocks and robust retail sales data drove gains in consumer stocks.The biggest U.S. lender by assets said the new tax law would help future profits by not only reducing the amount it pays the federal government but also by stimulating more business.Shares of JP Morgan rose 1.1 percent, helping lift the S&P financial index up 0.6 percent, after its fourth-quarter profit beat estimates."Their effective tax rate will be declining from 30 percent to 19 percent, that's very ...

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First Published: Fri, January 12 2018. 22:41 IST