Markets Rally on Friday, Wells Fargo Reports Profits Slightly Higher


iStockphoto/Thinkstock(NEW YORK) — The markets closed an up-and-down week with gains for all three major indices on Friday.

The Dow Jones Industrial Average closed the week at 16943.81, up 28.74 for the day.

The Nasdaq jumped 19.29 to close at 4415.49, while the S&P 500, despite a gain of 2.89 to 1967.57, saw its largest weekly drop since April.

As Investors start looking at corporate earnings reports for the second quarter, Wells Fargo reported net income of $5.7 billion, four percent higher than the second quarter of 2013. The success of such a large bank making money from mortgages, consumer loans and retail banking is typically a positive sign for the American consumers.

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