NEW YORK - Wall Street closed out an impressive week with a mixed performance Friday after disappointing high-tech earnings punctured some of investors' enthusiasm over better-than-expected bank earnings reports. But the major indexes still ended the week with big gains, a result of rising optimism about the troubled financial sector.
The market was clearly pleased when Citigroup Inc., while reporting a second-quarter loss Friday morning, beat analysts' forecasts and joined Wells Fargo & Co. and J.P. Morgan Chase & Co. in delivering stronger results than the market anticipated.
But investors who sent the Dow Jones industrials soaring by more than 480 points over Wednesday and Thursday were brought back to earth by the lower-than-expected results from Google Inc., Microsoft Corp. and Advanced Micro Devices Inc.
It was a good sign to some analysts that the market didn't sell off sharply after two straight days of hefty gains.
"If you look at the fundamentals, not a lot changed in the fundamentals, but you had the financial crisis come to a head," said Philip Dow, managing director of equity strategy at RBC Dain Rauscher. "This was a pivotal week that we just went through, one that perhaps marked a bottom for the financial crisis. That doesn't mean we're about to have a bull market, but maybe a break in the pronounced selling that's been going on."
The Dow rose 49.91, or 0.44 percent, to 11,496.57, adding on to a 483-point gain Wednesday and Thursday.
The Standard & Poor's 500 index rose 0.36, or 0.03 percent, to 1,260.68, and the technology-focused Nasdaq composite index dropped 29.52, or 1.28 percent, to 2,282.78.