Stock Market News: Wells Fargo Gets a CEO; No IPO for Endeavor

The stock market was generally higher on Friday morning, although some pockets of the economy showed greater strength than others. Positive developments in the business world vied with the latest goings-on in Washington for market participants' attention, with some investors simply throwing up their hands at the end of what's been a tumultuous week. As of 11:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 94 points to 26,985. The S&P 500 (SNPINDEX: ^GSPC) rose 5 points to 2,983, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 2 points to 8,033.

The financial industry was one of the big winners on Friday, and Wells Fargo (NYSE: WFC) led big banks higher with an important announcement about its leadership. Meanwhile, Endeavor Group Holdings was expected to go public this morning, but the company pulled its IPO late yesterday -- with significant implications for the broader market and other aspiring privately held companies looking to bring their shares to the stock market.

Shares of Wells Fargo climbed 4% after the beleaguered banking giant finally filled the void in its executive suite. The bank said that Charles Scharf would be its next CEO, pulling the leader away from his previous role at Bank of New York Mellon.

Source Fool.com