by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended in disarray on Friday, with the banking and financial sectors mostly down after the release of results from U.S. banks that kicked off quarterly results.
The Dow Jones Industrial Average gained 0.33%, or 113.89 points, to 34,509.03 points.
The broader S&P-500 lost 4.62 points, or 0.10%, to 4,505.42 points.
The Nasdaq Composite fell for its part by 24.87 points (-0.18%) to 14,113.70 points.
The S&P 500 ended slightly lower on Friday, but posted solid weekly gains.
The session was marked by the start of the corporate earnings season, with in particular press releases from major American banks such as JP Morgan Chase and Wells Fargo. The two banks ended stable after reporting higher quarterly profits, but said they had made provisions to deal with possible losses related to commercial real estate loans.
UnitedHealth jumped after posting a quarterly profit above market expectations, thanks to weaker-than-expected spending.
“We’ve come a long way since the start of the year, and that was in anticipation of better-than-expected earnings,” said Oliver Pursche, vice chairman of Wealthspire Advisors.
“What we are seeing today, and which should continue through the end of the summer, is a bit of fatigue and a lack of belief in the idea that stocks can rise significantly.”
The health care compartment finished at the top of the main sectors of the S&P500.
Citigroup fell after reporting a profit down 36% in the quarter.
Fund manager BlackRock also fell after a decline in quarterly revenue.
(With contributions from Johann M Cherian and Bansari Mayur Kamda; Camille Raynaud)
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