Stocks Climb as Banks File First Earnings Reports

Stocks closed higher Friday on Wall Street as earnings reporting season got underway and CEOs began to show how well or poorly they're navigating high inflation and a slowing economy. The S&P 500 rose 15.92 points, or 0.4%, to 3,999.090, after erasing an earlier loss. The benchmark index closed out its best week in two months, the AP reports. The Nasdaq and the Dow also rose—the Dow 112.64 points, or 0.3%, to 34,302.61, and the Nasdaq 78.05 points, or 0.7%, to 11,079.16. The Russell 2000 index of smaller companies rose 10.97 points, or 0.6%, to 1,887.03.

All the major indexes were up for the week. Stocks of several big banks rose following their earnings reports after shaking off morning losses. "Financials weren't really quite expected to have a blockbuster quarter," said Ross Mayfield, an analyst at Baird, per CNBC. "It's just providing a bit of a sentiment wave, and since the banks lead earnings season they can kind of set the tone for how investors look at the broader picture." JPMorgan Chase, Citigroup, and Bank of America all warned they anticipate a mild recession ahead.

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