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The U.S. stock market finished higher on Friday as benchmark indices picked-up momentum late in the afternoon, which helped ease the week’s losses.
-The Dow Jones Industrial Average gained 0.17% or 28.74 points to 16943.81 , but finished the week 0.7 % lower
-The S&P 500 Index gained 0.15% or 2.89 points to 1967.57 , but still record a 0.9 % weekly loss.
-The NASDAQ Composite Index gained 0.44% or 19.29 points to 4415.49 , and was 1.6 % lower over the week.
Banking heavyweight Wells Fargo & Co. kicked off the reporting season for the financial sector with headline earnings that were in line with expectations. The stock closed 0.7% lower as analysts delved into the details.
Wells Fargo reported earnings with mixed results this morning but the CEO’s comments on the economy and optimism for the future helped shares rise.
Mortgage insurers, including Genworth Financial Inc., fell in response to new proposed capital requirements by the Federal Housing Finance Agency. Genworth slid 2.6%.
Amazon ’s % stock climbed 5.6%. The company unveiled new products for its successful Amazon Web Services business, including new systems for collaboration and mobile.
Benchmark Treasury prices marked their biggest weekly climb in four months on the back of a five-day rally. The 10-year note yield, which falls as prices rise, was down 2 basis points on the day and over 11 basis points on the week at 2.512% late Friday afternoon.
There were two opposing views from Fed speakers on Friday. Charles Plosser, president of the Philadelphia Fed, said the central bank “should consider hiking rates in response to the improving outlook.
We should not be keeping rates at zero until we meet all our objectives.” In contrast, Dennis Lockhart, the president of the Atlanta Fed, said the central bank should hold short-term interest rates close to zero for another year.
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