Calm returned to Wall Street on Friday after Thursday’s drop. The Dow (^DJI) ended 29 points higher at 16,944. The Nasdaq (^IXIC) rose 19 points to close at 4,415 and the S&P 500 (^GSPC) 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.
Shares of mortgage insurers came under pressure after the Federal Housing Finance Agency proposed new capital requirements. Radian Group (RDN) lost 78 cents to close at $13.77, Genworth Financials (GNW) ended 44 cents lower at $16.62 and MGIC Investment (MTG) fell 88 cents to $8.36, but that was a 9.5% loss.
Amazon (AMZN) finished 6% higher, gaining $18.28 to close at $346.20 after it unveiled a new mobile product for its Web services business.
Gap (GPS) lost 32 cents, ending at $40.65 after the apparel retailer reported that same-stores sales unexpectedly fell 2% in June.
Whirlpool (WHR) gained $1.55 to end at $140.76 after disclosing it will buy a 66.8% stake in Italy’s Indesit for about $1billion to help expand its presence in Europe.
Bank earnings will be in focus next week as earnings season kicks in to high gear. Citigroup (C), JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) are all scheduled to report results.
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