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  • Stocks recover after Thursday's drop, ahead of bank earnings next week

    Kathy Cherpelis at Hot Stock Minute2 days ago

    Calm returned to Wall Street on Friday after Thursday’s drop. The Dow ( ) ended 29 points higher at 16,944. The Nasdaq ( ) rose 19 points to close at 4,415 and the S&P 500 ( ) finished 3 points higher at 1,968.

    Well Fargo (WFC) was the first of the big banks to report earnings. The nation's largest mortgage lender reported earnings in line with analysts’ estimates, while revenue came in slightly above expectations, thanks to a rise in loans and deposit growth. Shares of Wells Fargo ended the day 32 cents lower at $51.49.

    U.S. tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed they are in merger talks. Reynolds American fell 51 cents to close at $61.75 but Lorillard gained $2.92 and ended at $66.01.

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  • U.S. stocks finish lower but above session lows

    Kathy Cherpelis at Hot Stock Minute3 days ago

    The European debt crisis reared its ugly head after one of Portugal’s biggest banks delayed a debt payment. European stocks plummeted, putting pressure on U.S. markets in early trading, but by the close they had recovered more than half those losses.

    The Dow (^DJI) finished 71 points lower at 16,915; the Nasdaq (^IXIC) ended 23 points lower at 4,396 and the S&P 500 (^GSPC) lost 8 points, closing at 1,965.

    Some more encouraging news on the labor front did little to help matters. The Labor Department reported that the number of people filing for jobless benefits last week fell to near a seven-year low.

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