Nasdaq hits record; bank earnings validate Wall St rally

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'