The markets fought for meager gains on Friday, and the S&P managed to go nowhere. Market participants digested some unsettling economic news, such as the growth of the U.S. trade deficit, and a higher-than-expected increase in inflation in China, which could curb government spending.
At the close: DJIA: +0.13%, S&P 500: 0.00%, NASDAQ: +0.12%.
On the commodities front, Oil (NYSE:USO) dropped 0.14 percent to $93.69 per barrel. Precious metals were also down, with Gold (NYSE:GLD) falling 0.92 percent to $1,662,50 per ounce, and Silver (NYSE:SLV) falling 1.51 percent to $30.45 per ounce. The yield for the 10-year T-bill fell 0.033 points to 1.862 percent.
By setting aside less money to cover bad loans, Wells Fargo (NYSE:WFC) was able to break profit records in the most recent quarter. Coupled with an increase in revenue from mortgage fees, the change boosted profit 24 percent in the three months ended in December. However, shares closed down on Friday as the bank reported that it made fewer mortgage loans in the third quarter and net interest margin declined… (Read more.)
Boeing’s (NYSE:BA) 787 Dreamliner has had five mishaps in as many days. What started as bearish grumblings about so-called “teething pains” has turned into a full-blown review from the Federal Aviation Administration. Shares ended the regular session down 2.5 percent. (Read more.)