Stocks Ended Mostly Lower, but Extended Weekly Gains

U.S. stocks closed mostly lower on Friday, buy extended their third-straight week of gains, on the back of strong economic data and an earnings season that is on track to confirm profit contraction bottomed earlier in the year. The Dow industrials rose 10.14 points, or l0.05%, to 18,516.55, for a 2% weekly gain. The S&P 500 slipped 2.01 points, or 0.09%, to 2,161.74, for a weekly gain of 1.5%. The Nasdaq Composite declined 4.47 points, or 0.09%, to 5,029.59, for a weekly gain of 1.5%.

Wells Fargo & Company (WFC) reported $5.6 billion in net income, higher on linked-quarter basis, resulting in a return on assets (ROA) of 1.20%, and a return on equity (ROE) of 11.7%.

Citigroup is betting on U.S. consumers and multi-national corporate clients to navigate lower interest rates after a rebound in trading helped it beat Wall Street’s subdued expectations for the second quarter. Earnings per share slid to $1.24 from $1.45 but beat analysts’ average estimate of $1.10

Oil futures settled higher Friday, notching a weekly gain of more than 1%, as better-than-expected economic data from China and the U.S. helped lift prospects for energy demand. August West Texas Intermediate crude tacked on 27 cents, or 0.6%, to settle at $45.95 a barrel. September Brent crude added 24 cents, or 0.5%, to $47.61 a barrel.

On Friday, federal regulators imposed stiff sanctions on Herbalife for deceiving buyers and sellers of its products but stopped short of shutting down the company.

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