Stock market today: Wall Street rolls to another winning week

NEW YORK — U.S. stocks ended higher after some mixed signals on big banks’ profits and inflation did little to dent Wall Street’s belief that easier interest rates are on the way. The S&P 500 rose 0.6% Friday in a widespread rally, closing its fifth winning week in the last six. The Dow Jones Industrial Average climbed 0.6%, and the Nasdaq composite rose 0.6%. Small-company stocks outpaced the rest of the market.

They helped offset a drop for Wells Fargo, which sank 5.8% even though the San Francisco-based bank reported stronger profit than analysts expected. It said a key underlying measure of profit fell from a year ago and that its net interest income could remain in the bottom half of the range it had forecast for the full year.

“It’s still going to take some time before we know whether yesterday’s number or today’s was the aberration,” said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. It's the second straight month such expectations have eased. That helped calm worries about a potential spiral where expectations for high inflation could drive U.S. consumers toward behavior that would push inflation even higher. That in turn could give the Federal Reserve more of the evidence of slowing inflation that it says it needs to begin cutting its main interest rate, which is at its highest level in more than two decades.

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