The U.S. equity market was lower on Friday to end the week. A number of leading money center banks reported earnings prior to the opening bell, with the results dragging down sentiment. Wells Fargo (WFC) fell 2.64 percent and JPMorgan Chase (JPM) lost a little more than 1 percent after both banks reported quarterly results.
The Dow Jones Industrial Average moved up a little more than 2 points to 13,329. The S&P 500, however, which is a broader indicator of market performance, fell 0.30 percent to just below 1,429.
The SPDR S&P 500 ETF (SPY) lost 0.33 percent and closed at $142.89. Volume was average with around 120.6 million SPY shares trading hands. The PowerShares QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100, lost 0.04 percent to $66.68. The broader Nasdaq Composite fell 0.17 percent.
Crude oil fell on Friday. NYMEX crude futures registered a decline of 0.54 percent to $91.57. Brent crude contracts lost 0.96 percent to $114.60. The United States Oil Fund ETF (USO) fell 0.85 percent and closed at $34.00.
Precious metals were also lower on the day. COMEX gold futures lost 0.84 percent to $1,755.80 while silver fell 1.65 percent to close the week at $33.52. The heavily traded SPDR Gold Trust ETF (GLD) recorded a loss of 0.74 percent and closed at $170.05.
For the third day in a row, money moved into U.S. Treasuries as investors worry about a deeper pullback in equities. The iShares Barclays 20+ Year Treasury Bond ETF (TLT) added 0.25 percent to $123.97. The yield on the 10-Year Note fell 1.2 basis points to 1.66 percent.
The U.S. dollar was slightly lower on the day. The PowerShares DB US Dollar Index Bullish ETF (UUP), which tracks the performance of the greenback versus a basket of foreign currencies, fell 0.14 percent to $21.83. The closely watched EUR/USD pair was last trading up 0.22 percent to $1.2957.
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