Stocks rose on Friday morning, buoyed by a string of big bank results that failed to raise hopes for a strong quarterly earnings season.
The Dow Jones Industrial Average (^DJI) rose 0.2%, or about 75 points. The S&P 500 (^GSPC) rose 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) advanced about 0.3%.
Wall Street lenders have begun announcing fourth-quarter earnings, which are seen as a crucial opportunity for stocks to shake off the losses they have suffered so far this year. JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) all reported good results on Friday. But the latter two saw stocks fall as they failed to calm nerves about potential pain ahead.
Also in focus, oil prices jumped more than 2% after the United States and its allies launched airstrikes on Houthi rebels in Yemen, sparking threats of retaliation from the Iran-backed group behind the Red Sea attacks on shipping. Brent crude futures (BZ=F) were trading at around $80 per barrel, while West Texas Intermediate crude futures (CL=F) were just under $74.
Meanwhile, investors are looking for more insight into price pressures after the CPI reading for consumers came in hotter than expected on Thursday. The producer price index on Friday showed an unexpected drop in prices last month, raising hopes that inflation will continue to decline in the coming months.
He lives3 updates
Click here for in-depth analysis of the latest stock market news and events that move stock prices.
Read the latest financial and business news from Yahoo Finance