US stocks had a topsy-turvy day on Friday as fears about war in the Middle East collided in financial markets with hopes for stronger profits at big US companies. In the end, the markets finished in mixed territory:
- The Dow rose 28 points, or 0.08%, to 33,659.
- The S&P 500 fell 21 points, or 0.5%, to 4,327, though the benchmark index finished in positive territory for the second straight week, per CNBC.
- The tech-heavy Nasdaq fell 166 points, or 1.2%, to 13,407.
Oil prices leaped and Treasury yields fell after Israel's military ordered the evacuation of northern Gaza ahead of an expected ground invasion. But several of the biggest US banks at the same time said their profits during the summer were better than feared, which offered hope on Wall Street for an earning reporting season that may deliver the first growth in a year. Some of the strongest action was in the oil market, where a barrel of benchmark US crude jumped 5% to $87.09. Brent crude, the international standard, rose 5% to $90.27 per barrel. Helping to support Wall Street were JPMorgan Chase, Citigroup, and Wells Fargo.
JPMorgan Chase rose 2.2% after its profit for the third quarter climbed 35% from a year earlier. It benefited from a rise in interest rates, but its CEO Jamie Dimon also warned that "this may be the most dangerous time the world has seen in decades." Citigroup gained 0.8%, and Wells Fargo rose 3% after they likewise topped analysts' expectations. UnitedHealth Group also beat expectations, and its stock climbed 2.2%. Dollar General jumped to one of the biggest gains in the S&P 500, up 9.6%, after it said Todd Vasos will be returning as CEO. On the losing end of Wall Street were travel-related companies. Norwegian Cruise Line fell 3.3%, and Delta Air Lines sank 2.4%.
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