NEW YORK — Stocks wrapped up another solid week Friday as industrial and energy companies ticked higher, but corporate earnings got off to a sluggish start as reports from several major U.S. banks failed to excite investors.
Indexes wobbled in morning trading, but rising oil prices helped energy companies, and defense contractors and machinery makers also rose. Consumer-focused companies like Amazon set record highs.
Wells Fargo skidded after reporting a drop in earnings as fallout continued from its phony accounts scandal. Citigroup also fell after its revenue growth was weak. AT&T skidded after the Justice Department asked a court to overturn the company's purchase of Time Warner.
Investors expect another round of great profit growth this quarter, but they're not sure about what will come next: the U.S. and China are in a trade war without any signs of resolution, midterm Congressional elections are getting closer, and interest rates keep rising. Paul Christopher, head of global market strategy for the Wells Fargo Investment Institute, said investors will focus on corporate forecasts covering the rest of the year.
"We think there will be a lot of attention paid to the outlook," he said. "We still think the economy is really what investors should be watching here, and we think it's going to be solid this year and again good next year."
The S&P 500 index edged up 3.02 points, or 0.1 percent, to 2,801.31. The Dow Jones Industrial Average added 94.52 points, or 0.4 percent, to 25,019.41. The Nasdaq composite set another record, just barely, as it rose 2.06 points to 7,825.98.
The Russell 2000 index of smaller-company stocks fell 3.20 points, or 0.2 percent, to 1,687.08. More stocks fell than rose on the New York Stock Exchange.
Major indexes rose for the second consecutive week following modest losses over the previous two weeks.
Benchmark U.S. crude rose 1 percent to $71.01 a barrel in New York while Brent crude, used to price international oils, rose 1.4 percent to $75.33 per barrel in London.
Bond prices moved higher. The yield on the 10-year Treasury note fell to 2.83 percent from 2.85 percent.
Gold lost 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.
While the stronger dollar has sent gold and silver prices lower, the losses for copper have been especially steep. Copper futures have fallen for five straight weeks, down 16 percent over that time, a sign that investors are worried the trade war will impair construction, manufacturing and power generation.
Natural gas sank 1.6 percent to $2.75 per 1,000 cubic feet.
The dollar rose to 112.30 yen from 112.46 yen. The euro edged up to $1.1677 from $1.1670.