U.S. stocks traded higher heading into the holiday weekend after five sessions of losses. Leah Duncan reports.
U.S. stocks traded higher heading into the holiday weekend fueled by energy stocks and positive economic data. But that wasn't enough to reverse the losses from a volatile week. U.S. indices ended the week down. Energy stocks rose as Brent crude prices climbed. Bank earnings also remained in focus. Goldman Sachs beat fourth quarter estimates, but profit fell seven percent as investment banking revenue fell and market volatility hit trading And that market volatility remains during the first two weeks of 2015 trading. SOUNDBITE: BRENNAN HAWKEN, BANK ANALYST, UBS, (ENGLISH) SAYING: "Well every quarter is very very different. First quarter hasn't really started out in the most placid of environments. We've had a lot of volatility in several of the markets here quarter to date. I am concerned we're off to a pretty rough start." Plunging energy and gasoline prices resulted in consumer prices seeing its biggest decline in six years in December, falling point 4 percent. The preliminary consumer sentiment report for January rose to 98.2, its highest level since January 2004. Continued fall out from the Swiss National Bank's decision to remove a ceiling on the Swiss franc. Trading of FXCM shares, a retail foreign exchange broker, were halted. The company said it may in breach of regulatory capital requirements following client losses. Interactive Brokers, whose client also have foreign currency exposure, saw its shares slide. Gain Capital said its financial position remained sound, but shares fell in sympathy with its competitors. European stocks closed higher.