Wall Street stocks down on Friday but end the week in positive territories

The S&P 500 Index fell by 7.69 points or 0.3% to 2,656.30 and registerd a 2% gain on the week.The Dow Jones Industrial Average dropped 122.91 points or 0.5% to 24,360.14, however, it closed the week 1.8% higher while the Nasdaq lost 33.60 points or 0.5% to 7,106.65 and closed the week with a 2.8% increase.

The first quarter earnings season started off with Wells Fargo, Citigroup Inc, JP Morgan and PNC. However, the bank stocks dropped even though the profits were in line or even above analysts’ expectations. 

"If you take out the capital markets business and the one-time events, it shows these banks aren't doing any business, and that's the key problem. If you take a look right across the board, credit cards are down, auto is down, student loans are down, the corporate area is mixed to down. The only thing that's working is middle-market lending." commented Dick Bove, chief strategist at Hilton Capital Management.

Also, a major driver of the market is the geopolitical situation in Syria. President Trump said earlier in the week that the US was getting ready to launch an airstrike on Syria. However, early on Thursday, Trump tweeted that he might not pull the trigger. Another major uncertainty affecting the general market sentiment is the ongoing trade war between the US and China. 

S&P 500 weekly chart

This week, the market was unable to close above last week’s high at 2,672.50. Support lies at 2,530.75 cyclical low and 2,400 figure. Immediate resistance is at 2,680.25 which is the high of the week and then at 2,802.75 swing high.