US stocks rise but close lower for the week as investors mull mixed bag of corporate earnings

• US stock indices rose Friday as investors digested mixed earnings reports.

• However, all three major gauges closed the week in the red.

• Alphabet and Amazon are on deck to report quarterly results next week.

US stocks closed slightly higher on Friday as traders assessed more corporate earnings results, but all three major indices finished the week in negative territory.

The Nasdaq lost 0.3% for the week, and the Dow dipped 0.2% to snap a four-week winning streak. The S&P 500 ticked down less than 0.1% for the week.

According to FactSet, more than 75% of S&P 500 companies that have reported so far have exceeded analysts’ earnings expectations. Mega-cap tech like Alphabet and Amazon are on deck for next week’s quarterly results.

Here’s where US indexes stood at the 4:00 p.m. ET close on Friday:

Here’s what else happened today:

• In an exclusive interview with Insider, economist Mohamed El-Erian explained the credit squeeze threatening the US economy, along with risks of more interest rate hikes.

• US money-market funds saw their assets drop for the first time since last month, according to Bloomberg.

• The Fed has inflation on the ropes, former Treasury Secretary Larry Summers said, while bemoaning the debt-ceiling fiasco in a new interview.

• The US economy could be headed towards a credit crunch that would only prolong a recession, according to Citi’s chief economist.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil increased 0.49% to $77.75 per barrel. Brent crude, oil’s international benchmark, rose 0.59% to $81.58.

• Gold declined 1.79% to $1,993 per ounce.

• The yield on the 10-year Treasury rose 2.3 basis points to 3.568%.

• Bitcoin dropped 3% to $27,255.

Read the original article on Business Insider