U.S. stocks rose Thursday.
NEW YORK (CNNMoney)
Wells Fargo (WFC, Fortune 500) reports its quarterly results before the opening bell Friday, becoming the first of the major banks to do so. The financial sector is expected to be the standout performer in an otherwise lackluster quarter for earnings growth.
S&P 500 companies are expected to report overall earnings growth of 2.4% for the last three months of 2012, improving from a 1% decline in the third quarter, according to FactSet Research. But excluding the financial sector, earnings growth for S&P 500 companies is expected to be just 0.2%.
U.S. stocks logged a second straight day of gains Thursday, pushing the S&P 500 to a fresh 5-year closing high. U.S. stock futures were little changed Friday.
In economic news, the Bureau of Labor Statistics will release data on import and export prices for December at 8:30 a.m. ET, while the Census Bureau will release its monthly trade balance report.
American Express (AXP, Fortune 500) said Thursday after the company announced it was cutting 5,400 jobs, becoming the latest large financial firm to reduce its headcount.
Fear & Greed Index
European markets were steady in morning trading, continuing to find support from Thursday's European Central Bank meeting. ECB President Mario Draghi said the bank was seeing signs of stability returning to the eurozone, although the near term outlook for the economy remained weak.
Asian markets ended mixed with Nikkei adding 1.4% after Japan's government unveiled a $117 billion fiscal stimulus package. Unable to match the Nikkei's momentum, the Shanghai Composite declined 1.8% and the Hang Seng lost 0.4%.
The dollar was weaker against the euro, as the ECB's unanimous decision to hold rates ended talk of a cut in the short term. 
First Published: January 11, 2013: 5:04 AM ET
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