Stocks Closed Lower, Rose on Week

U. S. stocks ended slightly lower on Friday, breaking a four day winning streak, after disappointing consumer  data and consumer confidence data. The Dow Jones Industrial Average slipped 0.08 point to close at  14,865.06. The S&P 500 shed 4.52 points, or 0.28%, to close at 1,588.85. The Nasdaq Composite Index fell 5.21 points, or 0.16%, to close at 3,294.95. For the week, the Dow Industrials finished 2.1% higher, with the S&P 500 up 2.3% and the Nasdaq advancing 2.8%.

A gauge of consumer sentiment dropped in early April to the lowest level in nine months. The University  of Michigan-Thomson Reuters consumer-sentiment gauge dropped to a preliminary April reading of 72.3 — the lowest result since July — from a final March reading of 78.6.

All eyes were on JPMorgan (JPM) and Wells Fargo (WFC) today after the two banking behemoths reported  earnings ahead of the opening bell. JPM reported earnings per share of $1.59 compared with estimates of  $1.39. WFC earned 92-cents a share versus expectations of 88-cents. JPMorgan’s revenue was actually $10  million less than expected at $25.84 billion. Wells Fargo’s revenue missed by $300 million coming in at  $21.3 billion.

Gold futures closed at their lowest level in 21 months, tallying a roughly 20% decline from their record  level from August of 2011 to meet the standard for a bear market. old for June delivery GCM3 -5.08%  dropped $63.50, or 4.1%, to settle at $1,501.40 an ounce on the Comex division of the New York  Mercantile Exchange.






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