Reuters) - Stocks fell on Friday after revenue from Wells Fargo (WFC.N) disappointed investors, offsetting a jump in consumer sentiment to a five-year high.
Wells Fargo (WFC.N), the biggest U.S. home lender, lost 3.3 percent to $34.03 after its total quarterly revenue of $21.2 billion missed analysts' forecasts. That shortfall prompted investors to sell other bank shares, in spite of a record quarterly profit reported on Friday by JPMorgan Chase & Co (JPM.N). Shares of JPMorgan slid 1 percent to $41.68.
The KBW Bank index .BKX lost 2.5 percent.
As a group, S&P 500 companies' quarterly earnings are expected to fall 3 percent from a year ago, according to Thomson Reuters data, compared with a forecast calling for a 2.1 percent decline estimated at the beginning of the month.
SAN FRANCISCO (MarketWatch) -- In a surprisingly strong economic report, China said Saturday that its trade surplus widened in September, easing worries that the world's second-largest economy might be slipping back into a recession.
Exports were at a record monthly level of $186.4 billion in September, rising a solid 9.9% from a year ago, data from the General Administration of Customs showed Saturday, according to The Wall Street Journal.
That was much higher than the 2.7% rise in August and well above the median forecast of 5.0% by 13 economists in a Dow Jones Newswires survey.
Imports were up 2.4%, compared with a 2.6% fall in August and a median forecast of a 2.0% rise, the Journal said.
The September trade surplus expanded to $27.67 billion from $26.7 billion in August, surpassing a median forecast of $22.4 billion.
Economists have been looking to trade data for signs that China might be shaking off its recent sluggishness. Read story about data providing clues to China's recovery pace.