Stocks Inch Higher Despite Soft Retail Sales; JPMorgan Reports Strong Earnings

U.S. stocks inched higher on Friday, even as retail sales rise less than expected.

Author:: Scott Gamm
Publish date:: Jan 13, 2017 9:44 AM EST

U.S. stocks inched higher on Friday, even as retail sales rose less than expected. December retail sales rose 0.6% month over month, missing estimates of 0.7%. Sales on motor vehicles rose 2.4%, while sales at nonstore retailers rose 1.3%.

JPMorgan Chase (JPM) - Get Report posted fourth-quarter earnings of $1.71 a share, beating estimates of $1.44. Revenue of $24.3 billion also topped estimates of $23.95 billion. Fixed-income trading revenue surged 31% amid market volatility following Donald Trump's presidential victory in November.

Wells Fargo (WFC) - Get Report reported disappointing fourth-quarter results. Earnings of 96 cents a share missed estimates of $1. Revenue of $21.58 billion fell short of estimates of $22.45 billion. The company's new CEO Tim Sloan said the bank continued to rebuild customer trust following its fake account scandal.