Stocks shuffle toward another weekly gain as oil prices rise

NEW YORK (AP) — U.S. stock indexes are slightly higher Friday as energy companies rise with oil prices. Industrial companies and household goods makers are also higher. Banks are slipping as investors aren’t finding much to get excited about in second-quarter reports from JPMorgan Chase, Citigroup and Wells Fargo. AT&T is falling after the Department of Justice asked a court to overturn its purchase of Time Warner.

KEEPING SCORE: The S&P 500 index was up 3 points, or 0.1 percent, to 2,801 as of 2:15 p.m. Eastern time. It had fallen as much as 6 points in early trading, then rose as much as 6 points before giving up about half of that gain.

The Dow Jones Industrial Average added 106 points, or 0.4 percent, to 25,031. The Nasdaq composite gave up an early gain and fell 2 points to 7,821 after it closed at a record high on Thursday. The Russell 2000 index of smaller-company stocks fell 1 point, or 0.1 percent, to 1,689.

Major indexes are on track for their second consecutive week of solid gains following a modest losing streak over the previous two weeks. Investors continued to waver between optimism about the growing U.S. economy, and the strong company earnings that come with it, and worries that the U.S.-China trade war and other trade disputes could set back the global economy.

BANK RESULTS: The fallout from Wells Fargo’s phony accounts scandal continued to harm its business, and the largest U.S. mortgage lender posted a smaller profit than analysts expected. Its stock gave up 0.9 percent to $55.53. Citigroup fell 1.9 percent to $67.19 after it reported weak revenue growth. JPMorgan Chase fared better and picked up 0.2 percent to $107.03 While bank profits are surging this year, much of the growth has come from last year’s corporate tax cuts rather than a big improvement in their businesses.

Bank stocks have fallen this year even though company profits are growing. Recently investors have worried about the shrinking gap between short-term interest rates and longer-term ones because banks make a lot of their money by borrowing money at short-term rates and lending it out over the long term.

RETAIL RUN-UP: Home improvement retailer Lowe’s jumped 1.7 percent to $99.93 and Walmart climbed 1.4 percent to $87.73. Starbucks gained 1.9 percent to $51.23.

While investors are taking money out of financials, they are more optimistic about technology companies and retailers. Companies in those industries are expected to post even stronger earnings growth later this summer.

Industrial companies also logged gains on Friday. United Rentals added 1.2 percent to $154.13 and jet engine and elevator maker United Technologies rose 1.6 percent to $129.57.

NOT SO FAST? AT&T dropped 1.9 percent to $31.63 after the Justice Department moved to challenge its recent purchase of Time Warner. The $85 billion deal closed last month after a federal judge ruled that it did not violate antitrust law, but the government is asking a higher court to reconsider that ruling.

OIL: Benchmark U.S. crude rose 1.6 percent to $71.44 a barrel in New York while Brent crude, used to price international oils, rose 1.9 percent to $75.83 per barrel in London.

Exxon Mobil gained 1.1 percent to $83.63 and Devon Energy advanced 2.4 percent to $45.

J&J RULING: Johnson & Johnston lost 1.2 percent to $126.18 after a St. Louis jury on awarded almost $4.7 billion in damages to 22 women and their families after they claimed asbestos in Johnson & Johnson talcum powder contributed to their ovarian cancer in the first case against the company that focused on asbestos in the powder. The company said the verdict was the result of an unfair legal process and said it will appeal, as it has in previous cases that found for women who sued the company.

BONDS: Bond prices moved higher. The yield on the 10-year Treasury note fell to 2.83 percent from 2.85 percent.

METALS: Gold fell 0.4 percent to $1,241.20 an ounce. Silver fell 1 percent to $15.82 an ounce. Copper lost 0.1 percent to $2.78 a pound. Copper futures have fallen for five weeks in a row, down 16 percent over that time.

CURRENCIES: The dollar rose to 112.31 yen from 112.46 yen. The euro edged up to $1.1681 from $1.1670.

OVERSEAS: France’s CAC 40 advanced 0.4 percent and Germany’s DAX rose 0.4 percent. Britain’s FTSE 100 gained 0.1 percent.

Asian markets finished mostly higher led by Japan, where the Nikkei 225 jumped 1.9 percent as the yen weakened against the dollar, which helps exporters. South Korea’s Kospi advanced 1.1 percent to and Hong Kong’s Hang Seng index added 0.2 percent.

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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay