U.S. Shares Edge HIgher but Financial Sector Caps Gains Following Earnings Results

U.S. shares were mostly higher on Friday except for stocks of major banks which turned sharply lower after some of the nation’s biggest banks second-quarter earnings results.

The stock benchmark S&P 500 index added more than 0.2 percent to trade at 2450.00 in the morning session on Friday with ten out of eleven sectors trading higher. Real estate and utilities shares led gains, advancing 0.99% and 0.63%, respectively.

Financial shares capped the overall performance. The banking sector dropped more than 0.9 percent with equities of Morgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. C losing at least 1 percent. Although second-quarter results mostly beat Wall Street expectations, bank officials pointed to weakness in areas including trading of bonds and stocks.

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