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Stock Market Today: S&P 500 Rises but Remains on Track for Weekly Loss

NEW YORK (TheStreet) -- Stocks turned higher Friday though remained on shaky ground as investors reflected on a decent second-quarter earnings season but headed into the weekend with geopolitical uncertainties abounding.

The Dow Jones Industrial Average was up 0.48% to 16,446.71, while the S&P 500 was adding 0.42% to 1,917.59. The index was on track for a weekly decline as the rush to safe-haven assets pushed the yield on the 10-year note down to 2.396%. The Nasdaq was 0.25% higher to 4,346.37.

Read More: Aug. 8 Premarket Briefing: 10 Things You Should Know

Russia struck back at Western sanctions Thursday by ramping up the trade war with a one-year ban of fruit, vegetables, meat, fish, milk and dairy foods from the U.S., Canada, the European Union, Australia, and Norway. The potential extent of the economic fallout from Russia's ban remains an unknown. The U.S. has begun limited airstrikes against extremist militants who have seized Iraq's largest dam and have threatened the lives of Americans and citizens across the country.

Thomson Reuters reported that 67% of the 443 companies in the S&P 500 that have reported second-quarter earnings have beat expectations, vs. 63% in a typical quarter since 1994.

The Labor Department said Friday that U.S. workers were more productive in the second quarter and labor costs rose slightly, a sharp turnaround from grim first-quarter figures. The Commerce Department said wholesale inventories rose 0.3% in June, the same as in May.

Read More: European Stocks Fall as U.S. Authorizes Airstrikes in Iraq

In individual company news, Lululemon Athletica (LULU) founder Dennis "Chip" Wilson said he was selling half of his stock to private-equity firm Advent International. Lululemon was up 2.74% to $40.20. Zynga (ZNGA) was slipping 5.82% to $2.75 after the online game maker reported on Thursday a wider second-quarter loss and its revenue forecast fell short of analysts' estimates. CBS (CBS) was rising 2.01% to $58.23 after reporting second-quarter earnings of $439 million, or 76 cents a share, from $472 million, or 76 cents a share, in the year-earlier period. Shares of Nvidia Corp.  (NVDA) were up 3.78% to $18.12 after the graphics chips maker reported revenue for the second quarter of $1.10 billion, up 13% from $977 million a year earlier and in line with the previous quarter. McDonald's  (MCD - Get Report) was little changed at $93.28 after its July same-store sales declined 2.5%.

Read More: Stock Market Today: S&P 500 Suffers Another Setback  

--By Andrea Tse in New York

Follow @AndreaTTse

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