The three primary U.S. stock indexes experienced fluctuations between slight gains and losses on Friday, indicative of what may be another session marked by volatility. Leading the advance were consumer staples and energy stocks, whereas the communication services sector emerged as the day's weakest performer.
The positive sentiment was bolstered by quarterly results from regional banks, with Truist Financial seeing a 2.4% increase and Fifth Third Bancorp advancing 3%. Earlier in the day, futures had plunged amidst renewed concerns over U.S. credit quality due to signs of credit stress among regional lenders. Despite this, Zions Bancorporation and Western Alliance, which had been at the forefront of recent instability, managed to rebound 3.6% and 2.7%, respectively.
Additionally, American Express shares rose by 4.3%, following its announcement of earnings that surpassed market expectations. Meanwhile, trade tensions appeared to soften after President Trump remarked to reporters that existing tariffs on China were "not sustainable" and confirmed his intention to meet with President Xi Jinping. Over the course of the week, the S&P 500 has increased by 1.2%, the Dow Jones has risen by 1%, and the Nasdaq has climbed by 1.6%.
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