United States stocks brush off year's first wobble, return to records

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The bank's shares rose more than 1 percent.

Telecom stocks and utility stocks in the S&P 500 each fell 0.9 percent, tied for the worst performance in the index. In contrast, US export prices edged down 0.1 percent in December, after advancing 0.5 percent in November.

The Dow is up 507.32 points, or 2 percent. The yield on the 10-year Treasury note held steady at 2.54 percent after climbing as high as 2.59 percent in the morning.

Bond prices fell. The 10-year Treasury yield rose to 2.58 percent.

At 12:47 p.m. ET (1747 GMT), the Dow Jones Industrial Average .DJI was up 166.54 points, or 0.65 percent, at 25,741.27 and the S&P 500 .SPX was up 13.93 points, or 0.50 percent, at 2,781.49.

While a quick jump in rates could easily jolt markets out of the calm ride they've been on, investors say markets are prepared for a gradual rise.

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Stocks have been remarkably calm and strong for more than a year.

Optimism about a strengthening global economy and growing corporate profits have helped propel markets even though stocks have become more expensive than they've historically been relative to earnings.

Stocks are opening lower on Wall Street as a New Year's rally runs out of gas.

"There shouldn't be a falling-off-the-cliff mentality, but we're so primed", she said.

Later this week, companies will begin reporting their results for the last three months of 2017, and investors are waiting to hear what CEOs will say about the tax overhaul's effect on their bottom lines.

US stocks fell from record highs on Wednesday, with S&P 500 and Nasdaq closing lower for the first time this year, as traders took profits after a strong rally.

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Wells Fargo fell 0.8 percent after it set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices. The changes may mean people spend less time on Facebook, and less advertising revenue for the company.

The Dow is up 1,083.97 points, or 4.4 percent.

In markets overseas, Japan's Nikkei 225 fell 0.3%, South Korea's Kospi retreated 0.5%, and Hong Kong's Hang Seng index edged up 0.2%.

In markets overseas, Japan's Nikkei 225 added 0.6 percent, Hong Kong's Hang Seng rose 0.4 percent, and the Shanghai Composite inched up 0.1 percent.

The euro jumped to $1.2181 from $1.2036 late Thursday. Benchmark U.S. crude rose 23 cents to settle at $63.80 a barrel; earlier in the day, they climbed as high as $64.77.

The dollar slipped to 111.09 yen from 111.35 yen.

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Gold rose $12.40 to settle at $1,334.90 per ounce, silver added 18 cents to $17.14 per ounce and copper dipped a penny to $3.22 per pound. Brent crude, the worldwide standard, gained 38 cents to $69.20 a barrel.

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