S&P, Dow flat after big banks' earnings


USA stocks closed higher on Friday, with several indexes posting all-time records, led by large gains in the tech sector.

Quarterly earnings kick off on Friday with three of the biggest USA banks including JPMorgan Chase, Wells Fargo and Citigroup reporting results.

For the week, the S&P 500 was up 1.4 percent, the Dow rose 1.1 percent and the Nasdaq of mainly technology stocks was up 2.6 percent.

Federal Reserve Chair Janet Yellen told a Senate panel on Thursday that it would be "quite challenging" for USA growth to reach a 3-percent target set by President Donald Trump.

The CBOE Volatility index.VIX closed at its lowest since December 1993.

The index for all items less food and energy rose 0.1 percent in June, its third straight such increase. The Russell 2000 index of smaller-company stocks inched up 1.34 points, or 0.1 percent, to 1,425.66.

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JPMorgan Chase was down 0.9 percent, while shares of Citigroup (C.N) were down 0.4 percent and Wells Fargo (WFC.N) fell 1.1 percent.

Financial stocks were the only sector in the S&P 500 to end lower on Friday, partly on news from JPMorgan, the nation's largest bank by assets, that it expected weaker net interest income, rising by $4 billion rather than $4.5 billion this year. Shares of Microsoft Corp (NASDAQ: MSFT) rose 1.4%.

A slew of Dow industrials will report second quarter results next week, including Goldman Sachs, UnitedHealth Group Inc.

The Canadian dollar was trading at 78.94 cents U.S., up from Thursday's average price of 78.47 cents US.

Advancing issues outnumbered declining ones on the NYSE by a 2.54-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored advancers.