Wall Street edges higher after banks report strong results

The S&P 500 rose on Friday after major U.S. banks kicked off the fourth-quarter earnings season with strong results, helping fuel confidence about a recent market rally. With stocks trading at valuations well above historic averages, many investors believe further gains will depend on S&P 500 companies handing in strong report cards over the next several weeks. Major banks on Friday did not disappoint: Bank of America , JPMorgan and Wells Fargo all posted quarterly profits above analysts