U.S. stocks end mixed as bank shares lag

US stocks closed mixed on Friday as financial stocks suffered after earnings results, Trend reports citing Xinhua.

The Dow Jones Industrial Average fell 201.81 points, or 0.56 percent, to 3,591.81 points. The Standard & Poor’s 500 rose 3.82 points, or 0.08 percent, to 4,662.85 points. The Nasdaq Composite Index, which was dominated by technology stocks, rose 86.94 points, or 0.59 percent, to 14,893.75.

Seven of the 11 major S&P 500 sectors closed in the red, with real estate and the financial sector dropping 1.18 percent and 1.01 percent, respectively, lagging stocks. Power is up 2.45 percent, the best performing group.

US banking giant JPMorgan Chase reported strong results for the fourth quarter on Friday, including earnings of $10.4 billion that beat estimates. However, the massive bank’s net income was down 14 percent compared to the same quarter a year earlier with lower trading returns. The stock fell more than 6 percent on Friday.

Citigroup shares fell 1.25 percent even after the company reported earnings and revenue that beat analysts’ expectations.

Shares of Morgan Stanley and Goldman Sachs, which are due for release next week, also fell.

Wells Fargo stock rose 3.7 percent thanks to better-than-expected earnings and revenue.


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