U.S. stocks rose Friday but closed lower for the week, as investors considered quarterly results from Wells Fargo and prepared for second-quarter earnings reports. For the week, the Standard & Poor's 500 index fell nearly 1 percent, its worst decline since April, while the technology-heavy Nasdaq fell 1.6 percent. There were no U.S. economic reports released Friday, but a group of business economists lowered their forecast for second-quarter U.S. growth to a 3 percent annual rate, down from 3.5 percent predicted last June. The U.S. dollar rose versus the euro and the yen. Light sweet crude-oil futures fell $2.10, or 2 percent, to $100.83 a barrel on the New York Mercantile Exchange. Gold futures rose slightly. The Dow Jones industrial average rose 28.74, or 0.2 percent, to 16,943.81. Nineteen of the index's 30 components rose, led by Verizon Communications and General Electric (GE), both of whose shares rose more than 1.3 percent. Shares of energy giant Chevron fell nearly 1.4 percent. The broader S&P 500 index rose 2.89, or 0.15 percent, to 1,967.57. Shares of Wells Fargo fell 0.6 percent after the biggest U.S. mortgage lender and fourth-biggest U.S. bank reported revenue just above Wall Street estimates. The Nasdaq composite index rose 19.29, or 0.4 percent, to 4,415.49. Shares of Amazon.com jumped more than 5.5 percent after the online retail giant asked U.S. aviation regulators for permission to deliver goods using drones.
