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Rally continues amid Bank earnings

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US stocks rose on Friday, but the S&P 500 and Nasdaq Composite remained on course for a weekly loss. Investment banking stocks were mixed after third-quarter earnings reports. Retail sales in September were flat. Something is loading.

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US stocks rallied on Friday after September retail sales missed expectations as investors assessed mixed earnings results from major Wall Street investment banks and the ousting of the UK’s finance minister .

Shares rose after the market’s wild reversal on Thursday. In pre-market trading on Friday, key indexes oscillated between small gains and losses as investors had a lot to digest. JPMorgan shares rose after the company posted a third-quarter profit beat. CEO Jamie Dimon, meanwhile, denounced the risks of inflation and rising interest rates. Morgan Stanley tumbled as investment banking revenue plummeted 55%. Wells Fargo rose after quarterly net interest income beat expectations.

Meanwhile, retail sales in September were flat, missing an Econoday consensus estimate of 0.2% growth.

Here’s where the U.S. indices stood at the 9:30 a.m. opening bell on Friday:

The ‘retail sales report showing no change in sales from last month reflects the pullback in consumer spending given the current high inflation. Consumers are limiting their own regular spending and looking for deals and discounts as we head into the expensive holiday season,” Claire Tassin, retail and e-commerce analyst at Morning Consult.

Investors have been looking for signs of a slowing US economy that could lead the Federal Reserve to signal that it will embark on a less aggressive path in rate hikes to calm inflation.

The UK was also at the center of attention, with Finance Minister Kwasi Kwarteng being removed from office after his controversial mini-budget rattled financial markets. The UK government was due to make further changes to its £43bn tax and spending cuts plan aimed at boosting economic growth.

The S&P 500 and Nasdaq Composite were poised to fall for the week, led by a more than 3% decline for the tech-heavy index. Dow industrials were tilted slightly higher for the week.

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