- Stock benchmarks drifted higher in a quiet session without any major economic news; the leading indexes still finished the week with losses, led by the Russell 2000's 3.9% descent.
- The financial sector lagged, as Wells Fargo's Q2 results indicated a continued slowdown in its mortgage business and narrowing net interest margin; energy stocks fell as Nymex crude oil futures dropped below $101/bbl to the lowest close in two months.
- Participation was well below average with only 571M shares changing hands on the NYSE floor.
- Activity should pick up next week, as big banks including Citigroup, JPMorgan Chase and Goldman Sachs are scheduled to report; in the tech sector, Yahoo, Intel and eBay are on deck.
- Treasury prices posted modest gains, with the 10-year note adding 5 ticks to send its yield lower by 2 bps to 2.52%.
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