The stock market recorded its sixth straight weekly gain Friday, the first such streak in almost two years, as first-quarter earnings reports were upbeat enough to keep Wall Street's optimism intact.
Citigroup became the fourth bank in a week to put out news pointing toward a recovery in the industry. The company posted its first profit in six quarters despite surging loan losses. General Electric reported a 36% drop in earnings as results worsened at its GE Capital unit.
Although the results weren't great, they placated investors, said Kent Engelke, chief economic strategist at Capitol Securities Management. Had they trailed expectations, "we would have gotten killed," he said.
Citigroup shares jumped in early trading but closed down 36 cents at $3.65. General Electric climbed 12 cents to $12.39.
The Dow Jones industrial average rose 5.90 points, or 0.1%, to 8,131.33. The Standard & Poor's 500 index added 0.5%, while the Nasdaq composite index advanced 0.2%.