Stocks Close Out Higher, End Bad Week
After an unstable week on Wall Street, the S&P 500 ended its worst week since April with modest gains Friday.
Like the S&P 500, the Dow Jones and the Nasdaq ended higher after a week of weak earnings. The Nasdaq, however, was able to add nearly 0.4%, while the Dow and S&P 500 each gained about 0.1% Friday, CNN Money reported.
Overall, the S&P 500 ended the week down 0.9%. Meanwhile, the Nasdaq was down 1.6% and the Dow was down 0.7%.
According to Dave Rovelli, U.S. equity trading managing director at Canaccord Genuity, many investors think the market may be on the verge of a long-awaited correction -- "a drop of 10% or more from the most recent high," CNN Money reported.
"The market is still in a long-term up trend," Rovelli said. "A pullback wouldn't be the worst thing in the world, and it would give people a better entry point."
In spite of the uncertainty in the markets this week, experts are confident that stocks will continue to rise this year. Although the S&P 500 is currently up just over 6%, experts expect it to end the year about 9% higher.
On the other hand, Wells Fargo and tobacco stocks are moving. "Shares of Wells Fargo (WFC) were under pressure after the nation's largest bank by market cap reported earnings that were in line with analysts' expectations," CNN Money reported.
Wells Fargo, the first major bank in the U.S. to report second quarter results, "reported net income of $5.7 billion, or $1.01 per share, up from $5.5 billion, or 98 cents, in the year-ago quarter," USA Today reported. "Revenue came in at $21.1 billion, down 1.5% from $21.4 billion in the year-ago quarter. Still, Wells Fargo stock is down 0.5% so far."
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