Shaky Results From Wells Fargo Hit Stocks

NEW YORK (AP) — U.S. stock indexes are inching higher Friday as energy companies rise with oil prices. Industrial companies and household goods makers are also higher. Banks are slipping as investors aren’t finding much to get excited about in second-quarter reports from JPMorgan Chase, Citigroup and Wells Fargo. AT&T is falling after the Department of Justice asked a court to overturn its purchase of Time Warner.

KEEPING SCORE: The S&P 500 index rose 4 points, or 0.2 percent, to 2,803 as of 11:10 a.m. Eastern time. The Dow Jones Industrial Average added 84 points, or 0.3 percent, to 25,009. The Nasdaq composite gained 10 points, or 0.1 percent, to 7,833 after it closed at a record high on Thursday. The Russell 2000 index of smaller-company stocks climbed 4 points, or 0.3 percent, to 1,694.

Major indexes are on track for their second consecutive week of solid gains following a modest losing streak. Investors continued to waver between optimism about the growing U.S. economy, and the strong company earnings that come with it, and worries that the U.S.-China trade war and other trade disputes could set back the global economy.

BANK RESULTS: The fallout from Wells Fargo’s phony accounts scandal continued to harm its business, and the largest U.S. mortgage lender posted a smaller profit than analysts expected. Its stock gave up 1.5 percent to $55.20. Citigroup fell 2.5 percent to $66.80 after it reported weak revenue growth. JPMorgan Chase fared better and picked up 0.5 percent to $107.36 While bank profits are surging this year, much of the growth has come from last year’s corporate tax cuts rather than a big improvement in their businesses.

Bank stocks have fallen this year even though company profits are growing. Recently investors have worried about the shrinking gap between short-term interest rates

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