Stocks Closed Higher after Bank Earnings, Yellen Comments

U.S. stocks closed slightly higher on Friday, after better-than-expected results from three of the largest banks and Federal Reserve Chairwoman Janet Yellen said there may be benefits to running the economy with a tight labor market. The Dow Jones Industrial Average gained 39.44 points, or 0.22%, to 18,138.38, for a 0.6% loss on the week. The S&P 500 advanced 0.43 point，or 0.02%, to 2,132.98, for a 1% decline on the week. The Nasdaq Composite was up 0.83 points , or 0.02%, to 5,214.16, for a 1.5% decline on the week.

The Federal Reserve may need to run a “high-pressure economy” to reverse damage from the crisis that depressed output, sidelined workers and risks becoming a permanent scar, Fed Chair Janet Yellen said on Friday in a broad review of where the recovery may still fall short.

Oil futures slipped on Friday, but managed a fourth consecutive week of gains as traders eyed a decline in U.S. crude production for the lower 48 states to a level not seen in more than two years. November West Texas Intermediate crude lost 9 cents, or 0.2%, to settle at $50.35 a barrel. For the week, prices rose 1.1%. December Brent crude fell 8 cents, or 0.2%, to $51.95 a barrel, and ended higher for the week by less than 0.1%.

Salesforce.com Inc’s (CRM.N) Chief Executive Marc Benioff said on Friday he had ruled out bidding for Twitter Inc (TWTR.N), a decision that appeased Salesforce’s investors but raised questions about Twitter’s future.