Wells Fargo earnings

Stocks Inch Lower; S&P 500 Slips From 5-Year High

Stocks edged lower on Wall Street Friday, pulling the Standard & Poor's 500 index below a five-year high reached the day before. The S&P 500 fell two points to 1,470 as of noon Eastern. It closed at 1,472 Thursday, its highest level since December 2007. The Dow Jones industrial average fell a point to 13,469. The Nasdaq composite index dropped three points to 3,119.

Stock Futures Mixed After S&P Closes at 5-Year High

Stock futures are mixed in light volume with markets awaiting the next rush of earnings reports DJIA and S&P 500 futures are down a hair, while Nasdaq futures are up a point. Traders appear to be holding their positions a day after the Standard & Poor's 500 Index ended at a five-year peak.

5 Things to Watch Next Week on Wall Street

There's never a dull moment on Wall Street. Next week brings a Xoom-related media event from Verizon and Motorola Mobility, as well as fourth quarter results from Apple and several of the country's biggest financial institutions.

Rising Expenses Cut Into Wells Fargo's Outlook

Wells Fargo's stock dropped by about 5% after it announced its earnings last month, due to lower than expected home mortgage originations. While rising interest rates could be one factor, non-interest expenses were up by $616 million from a year ago. If those expenses stay that high, Trefis will be cutting its target for the stock.

Wells Fargo Earnings Buck the Banking Trend

Wells Fargo reported net income rose 3% to a record $3.34 billion in the third quarter, thanks to its merger with Wachovia, the bank said. Also, improving credit conditions managed to offset a 7% fall in revenue.

Wells Fargo Earnings Beat Expectations

Wells Fargo reported that its second-quarter earnings fell to $3.06 billion, or 55 cents a share, from $3.17 billion, or 57 cents a share, in the year-ago quarter. This was well above analyst expectations for earnings of 48 cents per share.