Investing.com - U.S. stocks rose on Friday on upbeat earnings
from Wells Fargo, while hopes Portugal's financial system remains
sound also boosted stock prices.
At the close of U.S. trading, the Dow 30 rose 0.17%, the S&P
500 index rose 0.15%, while the NASDAQ Composite index rose
The Volatility S&P 500 index, which measures the outlook for
market volatility, was down 3.97% at 12.09.
U.S. financial institution Wells Fargo & Company (NYSE:WFC)
reported earlier that profits rose by 3% to $5.42 billion in the
second quarter thanks to an improving housing sector and fewer bad
loans, which drew applause on Wall Street, though caution remained
as the bank's revenue slipped albeit less than markets were
Earnings season will gain steam next week, and hopes for more
pleasant surprises sent stocks gaining on Friday as did ebbing
European financial concerns.
The parent company of Portugal's largest bank, Banco Espirito
Santo (LISBON:BES), said it missed some payments on commercial
paper, which spooked markets by fueling concerns surrounding the
soundness of the banking sectors in Portugal as well as in Spain
By Friday, investors crept out of safe-harbor dollar positions
and returned to both European and U.S. equities after Banco
Espírito Santo sought to reassure markets that it had the funds to
cover its parent company.
Portuguese government and central bank authorities sought to
soothe global markets as well by assuring to the soundness of the
country's financial system.
Meanwhile in the U.S., solid jobless claims numbers released on
Thursday boosted spirits on Friday.
The U.S. Department of Labor reported earlier that the number of
individuals filing for initial jobless benefits in the week ending
July 5 declined by 11,000 to 304,000. Analysts had expected jobless
claims to hold steady at 315,000 last week.
Leading Dow Jones Industrial Average performers included Verizon
Communications Inc (NYSE:VZ), up 1.38%, General Electric Company
(NYSE:GE), up 1.32%, and Boeing Company (NYSE:BA), up 1.02%.
The Dow Jones Industrial Average's worst performers included
Chevron Corporation (NYSE:CVX), down 1.37%, Exxon Mobil Corporation
(NYSE:XOM), down 0.81%, and Johnson & Johnson (NYSE:JNJ), down
European indices, meanwhile, ended the day higher.
After the close of European trade, the DJ Euro Stoxx 50 rose
0.12%, France's CAC 40 rose 0.35%, while Germany's DAX rose 0.07%.
Meanwhile, in the U.K. the FTSE 100 rose 0.27%.
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