|
 MSCI's All-World Index, however, was still down 1.4 percent for the
week, while the Standard & Poor's 500 index posted its worst week
since April.
Early U.S. earnings reports sparked some caution for U.S. stock
investors, with Well Fargo's shares down 0.62 percent after the bank
for the first time since 2009 did not increase its
earnings-per-share from the preceding quarter.
Portugal's PSI 20 index rose 0.62 percent after the country's
largest bank, Banco Espirito Santo, said late on Thursday that loan
losses that hit its founding family would not put the bank at risk
of running short of capital.
Shares in Portugal's largest listed lender fell 36 percent this
week, its worst week on record.
The calmer market enabled Italy to sell 7.5 billion euros of bonds,
the top of its targeted range, in an auction that sharply contrasted
with Greece's three-year bond sale on Thursday, in which demand was
hurt by fallout from Portugal.
"Issues within Portugal's banking system... will be minimized and
contained within their system and the global economy is in a much
better position to handle such risks," said Bryan Novak, director of
trading at Astor Investment Management in Chicago.
The Dow Jones industrial average closed up 28.74 points, or 0.17
percent, at 16,943.81. The Standard & Poor's 500 Index was up 2.89
points, or 0.15 percent, at 1,967.57. The Nasdaq Composite Index was
up 19.29 points, or 0.44 percent, at 4,415.49. The S&P 500 fell 0.9
percent for the week.
"Wells came in a little light, and while there was nothing really
wrong with the quarter, it is one of the few banks that can be
counted on to beat profit expectations and that didn't happen," said
Matthew Kaufler, portfolio manager at Federated Investors in
Rochester, New York.
[to top of second column] |
The MSCI world equity index rose 0.06 percent, while the
pan-European FTSEurofirst 300 index closed up 0.16 percent.
Currency markets were mostly steady, with the dollar 0.02 percent
lower against the yen at 101.31. The euro was unchanged against the
dollar at $1.3608.
U.S. Treasury bond prices rose on safe-haven demand stemming partly
from lingering worries about Portugal. Appetite for Treasuries was
also stoked by the minutes of the U.S. Federal Reserve's June policy
meeting released on Wednesday, which hinted that the central bank is
likely to cling to its near-zero interest rate policy until the
second half of 2015.
Benchmark 10-year Treasuries were up 4/32 in price to yield 2.518
percent.
As tensions in the Middle East showed little sign of abating, Brent
crude oil was off $2.17 at $106.53 a barrel in late trading. U.S.
crude lost $2.21 to $100.72 per barrel.
(Additional reporting by Caroline Valetkevich, Lionel Laurent,
Patrick Graham, Emelia Sithole-Matarise, Chris Vellacott and Tricia
Wright in London,; and Ryan Vlastelica in New York; Editing by Larry
King and Dan Grebler)
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