U.S. stocks fall, headed for weekly decline
Stocks slipped on Wall Street Friday, putting the big indexes on track for their worst week since early June.
Bank and energy stocks led the way lower after investors had a mixed reaction to earnings reports from JP Morgan and Wells Fargo.
In early afternoon trading, the Dow Jones industrial average was off 20 points at 13,306, giving up an earlier gain of 75. The Standard & Poorís 500 index fell five points at 1,428 and the Nasdaq composite lost three points to 3,046.
All three indexes are down more than 2 percent for the week, enough to make this their worst week since June. This week produced mixed results from U.S. corporations like Alcoa, Safeway and Yum Brands.
ďItís been a relative downer week in the market this week, and people are going into the weekend not wanting to hang out there too much,Ē said Bill Stone, chief investment strategist for PNC Wealth Management.
Financial stocks were the focus on Friday.
The nationís largest bank, JPMorgan Chase, posted record quarterly profit and blew away Wall Street expectations. Wells Fargo just edged out profit expectations but its revenue fell short of Wall Streetís forecasts.
Wells Fargo fell $1.20, or 3.4 percent, to $33.98, and JPMorgan fell 54 cents to $41.56. Bank of America fell 25 cents to $9.09. US Bancorp lost 66 cents to $33.73.
Financial and energy stocks had the biggest declines among the 10 industries in the S&P 500. Only two sectors edged higher, technology and consumer staples.
Trucking and logistics company J.B. Hunt Transport Services Inc. rose $4.18, or 7.6 percent, to $58.97 after its third-quarter profit rose almost 14 percent on strong growth in handling containers that move by ship, rail, or truck.
Advanced Micro Devices Inc. dropped 34 cents, or 10.6 percent, to $2.86, after the chipmaker said its third-quarter revenue will fall about 10 percent from the second quarter because of weak demand for its products.
Workday Inc.ís initial public offering popped. The company provides remote storage for human resources and finance. The stock rose $19.78, or 70.6 percent, to $47.78 its the first day of trading.
European markets were mostly lower. The Britainís FTSE 100 fell 0.6 percent and Germanyís DAX fell 0.7 percent. Franceís CAC-40 also gave up 0.7 percent.
Trading was steady in other markets too. The euro edged up 0.3 percent to $1.2970 and the benchmark oil price was 30 cents higher at $92.37 per barrel in New York trading.
The yield on the 10-year Treasury note edged down to 1.66 percent from 1.67 percent late Thursday.