The S&P financial sector was the second biggest decliner as investors bet the Federal Reserve would not be inclined to raise interest rates soon. Investors saw further signs of dovishness in the release on Thursday of minutes from the Fed's September meeting, which showed that policymakers decided to hold interest rates steady as they sought evidence a global economic slowdown would not knock the U.S. economy off course. U.S. stocks ended higher on Thursday after the Fed minutes were released, putting the S&P 500 on track for its best week this year, even after the Friday afternoon dip.
By Chuck Mikolajczak NEW YORK (Reuters) - The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention next week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citigroup and JPMorgan Chase & Co - the five biggest U.S. banks by market cap - are due to report results as the sector has trailed the market in recent weeks and earnings estimates have fallen. In the last 30 days, banks have seen their estimates steadily lowered, with Goldman the biggest victim.
By Bernie Woodall DETROIT (Reuters) - U.S. union United Auto Workers' leaders on Friday approved a tentative four-year contract with Fiat Chrysler Automobiles NV , sending the proposed pact to 40,000 workers for a ratification vote. The move follows Fiat Chrysler workers' rejection last week of a previous tentative contract. A new tentative agreement was reached on Wednesday night, averting a call by the UAW to have its members strike Fiat Chrysler’s U.S. operations.