Financial stocks and some beaten-up technology stocks staged a rally this week even as the major averages headed for a week of losses.
As of midday Friday, all three major averages were on pace for modest weekly losses as earnings season kicked into gear and investors fought to hold on to January's rally. The Dow Jones Industrial Average was last down about 3.5% since Monday. Financial stocks were a major bright spot in the market this week, with SVB Financial Group reigning as the top performer.
That included shares of Signature Bank and M & T Bank, which rose 4.8% and 4.5%, respectively, after posting earnings results. Signature shared a big increase to its dividend and solid net income even as crypto deposits declined. A handful of tech stocks also saw solid gains this week. Tesla 's stock gained roughly 7% since Monday.
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