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Despite some wobbles, stocks end the week with more gains

Specialists Dilip Patel, left, and Patrick Murphy work

Specialists Dilip Patel, left, and Patrick Murphy work at their posts on the floor of the NYSE on Wednesday.  Photo Credit: AP / Richard Drew

Stocks wrapped up another solid week Friday as industrial and energy companies ticked higher, but corporate earnings got off to a sluggish start as reports from several major U.S. banks failed to excite investors.

Indexes wobbled in morning trading, but rising oil prices helped energy companies, and defense contractors and machinery makers also rose. Consumer-focused companies like Amazon set record highs.

Wells Fargo skidded after reporting a drop in earnings as fallout continued from its phony accounts scandal. Citigroup also fell after its revenue growth was weak. AT&T skidded after the Justice Department asked a court to overturn the company's purchase of Time Warner.

Investors expect another round of great profit growth this quarter, but they're not sure about what will come next: the U.S. and China are in a trade war without any signs of resolution, midterm Congressional elections are getting closer, and interest rates keep rising. Paul Christopher, head of global market strategy for the Wells Fargo Investment Institute, said investors will focus on corporate forecasts for the rest of the year. "We think there will be a lot of attention paid to the outlook," he said.

The S&P 500 index edged up  0.1 percent, to 2,801.31. The Dow Jones Industrial Average added 94.52 points, or 0.4 percent, to 25,019.41. The Nasdaq composite set another record, as it rose 2.06 points to 7,825.98. -- AP

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