Stocks experienced a slight increase on Friday as traders examined the first round of fourth-quarter earnings and analyzed the second closely-watched inflation reports of the week.
The Dow Jones Industrial Average climbed 94 points, equivalent to a 0.3% rise. The S&P 500 saw a 0.3% gain, while the Nasdaq Composite advanced 0.2%.
Despite posting better-than-expected earnings for the fourth quarter, Delta Air Lines saw a 5% drop in its stock value.
A number of major banks also reported their earnings before the market opened on Friday. Bank of America’s fourth-quarter profits declined, leading to a loss of over 2% in their share value. Similarly, Wells Fargo’s profits for the last quarter were higher, but their shares dropped by more than 2%.
On the other hand, Citigroup’s quarterly loss of $1.8 billion, resulting from significant charges, led to a 1.5% increase in its share value. JPMorgan Chase also experienced a rise of over 2% in their shares, despite a 15% slip in earnings compared to the previous year.
Source (CNBC)
