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Stocks opened lower on Friday as investors were set to wrap up the first week of the earnings season.
The Dow Jones Industrials dumped 73.92 points to open Friday at 26,951.96
The S&P 500 fell 2.23 points to 2,995.72
The NASDAQ Composite sank 10.78 points to 8,146.08
More than 70 S&P 500 companies have reported calendar third-quarter earnings this week. Of those companies, 81% have posted better-than-expected results.
Weak data from China weighed down the market on Friday.
Some of the companies posting stronger-than-forecast results this week include Bank of America, Netflix, J.P. Morgan Chase and Morgan Stanley. Coca-Cola continued that trend on Friday, rising more than 1%. Their results helped push the major indexes higher for the week.
The Dow was up 0.8% for the week through Thursday’s close. The S&P 500 increased 0.9% and the NASDAQ grew 1.2% for the week. The major indexes are also within striking distance of their record highs.
Prices for the benchmark 10-year U.S. Treasury did not move, keeping yields at Thursday’s 1.76%.
Oil prices gained 51 cents to $54.44 U.S. a barrel.
Gold prices dipped $4.20 to $1,494.10 U.S. an ounce.
