Stocks ended Friday mixed but ended the week on a higher note as positive results from JPMorgan (JPM) and Wells Fargo (WFC) sent shares of those big banks higher and new survey data showed Americans are becoming increasingly confident about the economy look.
Banks helped lift the Dow Jones Industrial Average (^DJI), which gained about 0.3% as quarterly earnings from Wall Street names rolled in. The S&P 500 (^GSPC) and Nasdaq (^IXIC) both closed slightly below the zero line. All important average tests are completed
Investors weighed the quarterly news from the financial sector, focusing on any signs of the impact of this spring’s bank failures and the subsequent outflow of deposits across the system.
JPMorgan and Wells Fargo shares rose after both reported second-quarter earnings growth. Meanwhile, BlackRock (BLK) stock slipped after year-over-year revenue declined.
All major benchmarks are on course for weekly gains after signs of slowing inflation and a resilient job market raised hopes that a strong economy can give stocks momentum to rally after a stellar start to the year.
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