An earlier version of this report provided the incorrect time for a speech of Federal Reserve Chairwoman Janet Yellen will give in Boston. She is slated to speak at an economics conference at 1:30 p.m. Eastern Time.
U.S. stocks rose on Friday, buoyed by financial institutions following a trio of bank quarterly results that topped analysts’s estimates, even as sales and earnings fell from the prior year.
The Dow Jones Industrial Average
advanced 72 points, or 0.4%, to 18,172, the S&P 500 index
rose 4 points, or 0.2%, to 2,137, led higher by the tech and financials sectors. The Nasdaq Composite Index
climbed 10 points, or 0.2%, to 5,224. All three major indexes were well off their highs of the session.
The S&P 500’s financial sector rose 0.5% and was the biggest gainer among its 11 sectors on the day. Goldman Sachs Group Inc.
rose 1.6% and was the top performer on the Dow.
Goldman wasn’t one of the financial services companies that reported on Friday, but it benefited from the improving view toward the sector that the results generated.
J.P. Morgan Chase & Co.
dipped 0.1% after both its earnings and revenue topped analyst forecasts, though the results were still down from the prior year. Similar results were seen at Citigroup Inc.
which rose 0.4% after its quarterly report.
Wells Fargo & Co.
shares fell 0.7%. While its results were ahead of expectations, questions continue to swirl following its sales-tactics scandal that led to the departure of the company’s CEO John Stumpf earlier this week.
All three stocks were trading off their highs of the session; J.P. Morgan had previously traded up more than 1%.
“Market sentiment has generally been negative for a while, so these bank earnings were a bit of a relief,” said Eric Green, senior portfolio manager and director of research at Penn Capital Management. “The headline numbers looked good, and the internal numbers also looked good. That should help the financial sector, which should in turn help the overall market.”
Read: Wells Fargo, Deutsche Bank woes seen a bigger issue for bank investors than Fed policy
Despite the rise on the day, major indexes were on track to close the week lower. The Dow is down 0.4% for the week, while the S&P is off 0.8% and the Nasdaq is off 1.2%. A number of factors, including a rocky start to the earnings season and weak data out of China, have pressured equities this week.
In other data released on Friday, a read on consumer sentiment hit its second-lowest level of the past two years in early October.
A bullish read on retail sales also lifted sentiment, though major indexes remained on track for their second-straight weekly decline. That, however, did little for shares of Kohl’s Corp.
and Macy’s Inc.
which were both down more than 3%.
See also: The stock market is turning into a sloppy, ugly mess—and it could get worse
Investors are looking ahead to a speech by Janet Yellen, chairwoman of the Federal Reserve, who will be speaking about “macroeconomic research after the crisis” at a Boston Fed conference on the “elusive” great recovery. The speech is scheduled to be delivered at 1:30 p.m. Eastern.
Other markets: Oil futures
fell 0.7% on Friday despite encouraging inventory data. Gold futures
pulled back 0.1%, and a key dollar index
rose 0.4%. European stocks
shot up, while Asian markets mostly closed with gains.
Stocks to watch: Amazon.com Inc.
shares retreated below their all-time highs as short interest on the stock rose to about $5.3 billion this week.
shares fell 2.8% after the Silicon Valley icon disclosed a cautious forecast, along with plans to cut 3,000 to 4,000 employees.
—Victor Reklaitis in London contributed to this article
Wells Fargo new CEO: more trouble to come?
Wells Fargo, in the face of a sales scandal and federal investigations, replaced embattled CEO John Stumpf with longtime employee Timothy Sloan.