Stock Market Today: Stocks Turn Positive Though Upside Remains Limited

NEW YORK (TheStreet) -- Markets took a turn upward in the afternoon session Friday, though closing with only minor gains, after spending much of the day mixed.

Wells Fargo (WFC) kicked off bank earnings but failed to move markets higher. The bank reported a second quarter which met expectations but did not increase earnings, the first time it has failed to do so in 18 quarters.

The Dow Jones Industrial Average closed 0.17% higher to 16,943.58. The S&P 500 added 0.15% to 1,967.55. The Nasdaq climbed 0.44% to 4,415.49, buoyed by gains in Internet names such as Amazon (AMZN), up 5.6%, eBay  (EBAY), up 2.3%, and Google  (GOOGL), up 1.1%.

Amazon was gaining on news the online retail giant had sought permission from the Federal Aviation Administration for an exemption on drone-testing limitations. Amazon aims to have Prime Air, its beta drone delivery service, in operation as soon as 2015.

European markets stabilized to close higher. A day earlier, international markets tumbled with fears sparked by a missed debt service payment by a parent company of Portugal's Banco Espirito Santo. Portugal's second-largest bank by market value reassured the markets late Thursday that potential losses resulting from its exposure to Espirito Santo Group will not compromise its compliance with regulatory capital requirements.

U.S. markets climbed out of session lows by market close in the previous session, but stayed in the red for the day.

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