U.S. stock indexes moved higher in early trading Friday as investors pored over earnings reports from several big lenders. Banks and other financial companies were up the most. Utilities were the biggest laggard. Energy stocks also fell as crude oil prices headed lower.
KEEPING SCORE: The Dow Jones industrial average rose 14 points, or 0.1 percent, to 19,904 as of 10:24 a.m. Eastern Time. The Standard & Poor’s 500 index gained 5 points, or 0.2 percent, to 2,275. The Nasdaq composite index added 26 points, or 0.5 percent, to 5,574. The three major stock indexes are on track to end the week mixed.
BANKING ON EARNINGS: Three major U.S. banks reported quarterly results early Friday that beat Wall Street’s forecasts. JPMorgan Chase added $1.61, or 1.9 percent, to $87.85, while Bank of America gained 43 cents, or 1.9 percent, to $23.35. Wells Fargo rose $1.42, or 2.6 percent, to $55.93.
SLASH & GAIN: Pandora Media climbed 5.8 percent after the streaming music company issued a strong revenue forecast. The company also said it will cut about 7 percent of its jobs to reduce costs. The stock added 70 cents to $12.70.
THANKS, UNCLE SAM: DexCom vaulted 23.8 percent after the medical device maker said Medicare has decided to cover a continuous blood glucose monitoring system it makes for diabetes patients. The stock picked up $16.08 to $83.69.
IN THE GROUND: Some mining companies were among the biggest decliners. Freeport-McMoRan was down the most among companies in the S&P 500, sliding 53 cents, or 3.5 percent, to $14.74. Newmont Mining lost 62 cents, or 1.8 percent, at $33.85.
MARKETS OVERSEAS: In Europe, Germany’s DAX was up 0.9 percent, while France’s CAC 40 was 1.2 percent higher. Britain’s FTSE 100 was up 0.5 percent. Earlier in Asia, some markets finished lower on disappointing trade data from China. Hong Kong’s Hang Seng index gained 0.5 percent. Japan’s Nikkei 225 index rose 0.8 percent. South Korea’s Kospi fell 0.5 percent, while Australia’s S&P/ASX 200 slumped 0.8 percent.
ENERGY: Benchmark crude oil was down 42 cents, or 0.8 percent, at $52.57 a barrel in New York. Brent crude, which is used to price oil sold internationally, was down 34 cents, or 0.6 percent, at $55.67 a barrel in London.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.42 percent from 2.36 percent late Thursday.
CURRENCIES: The dollar fell to 115.11 yen from 114.63 yen on Thursday. The euro slipped to $1.0625 from $1.0626.
First Published: January 13, 2017, 5:00 a.m.
Updated: January 13, 2017, 3:25 p.m.
