Stocks Edged Higher, on Track for Week of Solid Gains

U.S. stocks edged higher in the early trading on Friday as investors digested a mixed batch of quarterly earnings out of major banks. The Dow Jones Industrial Average lately rose 17.04 points, or 0.08%, to 21,570.13. The S&P 500 was up 3.52 points, or 0.14%, to 2,451.35. The Nasdaq Composite gained 12.61 points, or 0.20%, to 6,287.05.

JPMorgan Chase on Friday reported second-quarter earnings that beat on the top and bottom line as strong lending results offset declines in trading. Adjusted earnings per share: $1.71 versus $1.58 estimated by Thomson Reuters analysts’ consensus.

Wells Fargo & Co (WFC) posted a better-than-expected quarterly profit as the third-largest U.S. bank by assets benefited from higher interest income and set aside less money to meet future loan losses. Net income applicable to common shareholders rose 4.5 percent to $5.40 billion, or $1.07 per share, in the quarter ended June. 30, beating the average analyst estimate of $1.01.

Citigroup Inc. (C) said Friday it had net income of $3.9 billion, or $1.28 a share, in the second quarter, down from $4.0 billion, or $1.24 a share, in the year-earlier period. Revenue came to $17.9 billion, up from $17.5 billion.

Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks. Brent crude futures were up 43 cents at $48.85 per barrel at 1111 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $46.45 per barrel, up 37 cents.

The cost Americans pay for goods and services was little-changed in June, larger reflecting lower gasoline prices but also showing that a recent surge in inflation has crested. The consumer-price index, or cost of living, was unchanged last month, the government said Friday.

Sales at retailers fizzled out in the late spring after getting the season off to a fast start, likely dampening U.S. economic growth in the second quarter. Sales at retailers nationwide fell 0.2% last month to mark the second straight drop and match the biggest decline of the year, the government said Friday.