Financials Soar on Friday; US Consumer Confidence Declines (WFC, DELL)
After six consecutive sessions of gains and record highs on Thursday Wall Street wavered throughout the day but ended positively again on Friday. The financial sector had a good day as major banks Wells Fargo (WFC) and JP Morgan (JPM) released earnings that beat expectations. UPS (UPS) dropped over 6% after announcing that the company was cutting its yearly outlook. Consumer sentiment reportedly fell in July to the lowest level in three months even though optimism for economic growth has risen in the US.Gold futures saw a huge gain for the week despite a small retreat on Friday and the US dollar was able to rally after a steep selloff earlier in the week.
Word on the Street
- Consumer sentiment drops in the US to the lowest in three months.
- Dell (DELL) shares fall as investors worry about Icahn pitch.
- Hulu owners call off sale, plan to invest $750 million.
- Wells Fargo (WFC) sees earnings rise 20% for the second quarter.
- Nokia (NOK) Acquires Siemens' (SI) 50% Stake in NSN.
Published on Jul 12, 2013By InvestorGuide Staff