Dow slips 123 points but stocks post weekly gains
Stocks declined on Friday amid strong bank earnings that failed to impress investors, but the market secured weekly gains as Wall Street shook off concerns over U.S. trade.
The Dow Jones Industrial Average dropped 122.81 points, or 0.5%, to 24,360.24. The S&P 500 fell about 7.69 points, or 0.3%, to 2,656.30. The Nasdaq Composite was down 33.6 points, or 0.47%, at 7,106.65.
The major indexes were up at least 1.8% for the week, driven by a rebound in technology stocks and a strong run for energy companies in reaction to higher oil prices. Investor optimism also got a boost from easing trade tensions between the U.S. and China and news that a missile strike on Syria wasn’t imminent.
Wells Fargo dropped more than 3% after confirming in its first-quarter results that regulators have offered a $1 billion fine to resolve auto insurance and mortgage lending abuses. It did not disclose whether it would agree to settle with the Consumer Financial Protection Bureau.
JPMorgan Chase, the nation's biggest bank by assets, fell 2.7% even after saying that the tax overhaul signed by President Donald Trump helped its first-quarter earnings beat analysts’ forecast.
Bank shares led Friday’s sell-off, with the financial sector losing 1.6% on the day. Consumer discretionary stocks were down 0.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 249.72 | -0.07 | -0.03% |
| WFC | WELLS FARGO & CO. | 76.17 | -1.04 | -1.35% |
| C | CITIGROUP INC. | 70.87 | +0.71 | +1.01% |
| GE | GE AEROSPACE | 182.16 | +1.56 | +0.86% |
The University of Michigan reported that consumer sentiment slipped in April to a three-month low on trade war fears. The survey reading came in at 97.8, down from 101.4 in March.
Other economic data published Friday morning included the Bureau of Labor Statistics' report on job openings, which were little changed at 6.1 million on the last business day of February.
Commodities were mixed on Friday, but gold settled higher for the second straight week. West Texas Intermediate crude continued to rise, gaining 32 cents to $67.39 a barrel.
The 10-year Treasury yield was trading around 2.82%, down from 2.83% on Thursday.
In corporate news, Zillow shares fell 6.5% after the real-estate listings company said it would start flipping houses in Las Vegas and Phoenix.
General Electric gained 2.5% ahead of its quarterly earnings report next week.