Wells Fargo stock price target cut to $53 from $56 at UBS

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Breaking

S&P 500 stands less than 1% short of a record, as stock market enjoys Friday morning pop

The S&P 500 stood less than a percentage point short of an all-time high last hit Sept. 20, as a broad-market rally took hold early Friday. The S&P 500 index hit an intraday high at 2,910.50, or 0.8%, near the start of trade, putting the index just about 0.7% shy of its late-September record at 2,930.75. Gains for the large-capitalization index were being powered by banks, with S&P 500’s financial sector, soaring 2.4% after a solid round of quarterly results from some of the nation’s largest banks, including JPMorgan Chase & Co. , Wells Fargo & Co. and PNC Financial Services Group Inc. , all of which produced better-than-expected results before the opening bell.

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