Stock market today: Wall Street climbs as earnings season gets underway
U.S. stock indexes are rising following some mixed signals on big banks’ profits and on inflation
NEW YORK — U.S. stock indexes are climbing Friday and closing out their latest winning week following some mixed signals on big banks' profits and on inflation.
The S&P 500 was up 0.8% in morning trading, on track for its fifth winning week in the last six. The Dow Jones Industrial Average was up 186 points, or 0.5%, as of 10:40 a.m. Eastern time, and the Nasdaq composite was 1% higher.
Bank of New York Mellon climbed 4% for one of the market's bigger gains after it reported better profit for the spring than analysts expected. Fastenal, a distributor of fasteners, rose 4.2% after delivering profit for the latest quarter that met Wall Street's forecasts.
They helped offset a drop for Wells Fargo, which sank 7.4% even though the San Francisco-based bank reported stronger profit than analysts expected. It said a key underlying measure of profit fell from a year ago and that its net interest income could remain in the bottom half of the range it had forecast for the full year.
In the bond market, which has been home to some of Wall Street’s strongest action this week, Treasury yields yo-yoed after the release of the latest update on inflation, which said prices rose more at the wholesale level last month than economists expected. It’s a letdown following Thursday’s report that said inflation at the consumer level last month was better than expected.
But after a couple initial swings, Treasury yields calmed and remained lower than they were late Thursday.
“It’s still going to take some time before we know whether yesterday’s number or today’s was the aberration,” said Chris Larkin, managing director of trading and investing at
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