(CNBC) U.S. stocks climbed on Friday, but closed lower for the week, as investors weighed quarterly results from Wells Fargo and readied for a slew earnings ahead.
Expectations for the second-quarter earnings season have "picked up more than I might have thought in recent weeks, and that certainly increases the risk," said Bruce McCain, chief investment strategist at key Private Bank.
For the first quarter, investors "dismissed any bad news because of the severe weather. The flip side is now there are expectations for the economy and earnings to deliver, so we'll have to see. With valuations as high as they are, a lot of it hinges on whether the economy and earnings can live up to expectations," said McCain.
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