Europe shares up, Nasdaq hits record high; U.S. yields up

A trader looks at computer screens during a Spanish bond auction in MadridBy Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – European stocks advanced on Friday, while the S&P 500 and Nasdaq rose in line with gains in U.S. Treasury yields, as investors were encouraged by upbeat bank earnings and positive U.S. economic data. Investors largely shrugged off the biggest fall in Chinese exports since 2009 to focus on U.S. data that suggested stronger growth.

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Nasdaq hits record; bank earnings validate Wall St. rally

Traders work on the floor at the close of trading at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S.Wall Street has surged since President-elect Donald Trump's unexpected election victory on optimism he will cut corporate taxes, spend on infrastructure and deregulate banks. With stocks trading at price-to-earnings valuations well above historical averages, many investors believe further gains will depend on S&P 500 companies handing in strong report cards over the next several weeks. The S&P financial sector has jumped about 17 percent since the election, far outpacing the S&P 500's 6-percent rise.

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