Markets Rally on Friday, Wells Fargo Reports Profits Slightly Higher

Business

0  Updated at 2:31 pm, July 11th, 2014 By: ABC Digital
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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.


Copyright 2014 ABC News Radio



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