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Stocks traded lower on Friday amid weak overseas data, but remained on track to post solid weekly gains after the release of better-than-expected earnings.
The Dow Jones Industrials dumped 94.54 points to break for lunch at 26,931.34
The S&P 500 fell 11.83 points to 2,986.12
The NASDAQ Composite sank 81.5 points to 8,075.35
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 2%. 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 gained ground, lowering yields to 1.74% from Thursday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices dipped one cent to $53.92 U.S. a barrel.
Gold prices dipped $3.40 to $1,494.50 U.S. an ounce.
