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Stocks End Week Lower As Banks Disappoint

U.S. stocks ended slightly lower on Friday as banks and financial institutions disappointed following a recent round of quarterly earnings reports. Still, each major U.S. index posted weekly gains despite Friday’s fall.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

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