Stocks end up on job news, but off highs
Dow closes up 54 points, after moving more than 170 points higher. For the week, all three major US indexes fell more than 1 percent.
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On the earnings front, Visa rose slightly after initially slipping Thursday after the credit-card processing firm delivered earnings thatfailed to beat expectations by the wide margins investors were once used to. Wedbush and Susquehanna raised their price target for the Company.Skip to next paragraph
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As of today, 437 S&P 500 firms or 87 percent of the index have reported quarterly. (Track all earnings here.) Of the results, 69 percent of the earnings reports have come in above estimates while 19 percent of the earnings have come in below forecasts.
Berkshire Hathaway was expected to release earnings figures after-the-bell tonight.
Elsewhere, Citigroup gained after the financial giant was upgraded to "overweight" from "equal-weight" at Morgan Stanley, ahead undergoing a 1-for-10 reverse stock split on Monday. The move is likely topush the bank's shares above $40 from around $4.55, and curb active trading in its shares.
Sony gained after news CEO Howard Stringer apologized to users of its PlayStation Network for security breaches that compromised their identities. A group of hackers, meanwhile, said they areplanning a third security breach of the network.
Shares of Warner Music Group advanced after news Access Industries won an auction to take control of the company with a bid of $8.25 a share, Reuters reported, citing a person familiar with the matter. Shares were halted after news of the auction came out.
Shares in Europe closed higher after the better-than-expected U.S. jobs data improved investor confidence about the recovery.