A late rally Friday prevented the stock market from having its worst week in nearly a year.

Investors seemed to largely ignore the ongoing debate in Washington over raising the country’s borrowing limit. Troubling questions over Europe’s financial health and manufacturing in the United States weighed down stock prices for much of the day, overwhelming a very strong earnings report from Google Inc.

Google jumped nearly 13 percent, the most of any stock in the Standard & Poor’s 500 index, after the company said its revenue hit a record last quarter.

Google’s earnings pushed tech stocks in the S&P index broadly higher. Microsoft Corp. and Cisco Systems Inc. each gained 1 percent.

Latin, Asian markets help Citigroup to quarterly gain

Citigroup Inc. has long boasted of its international scope. It has a presence in 140 countries, more than any other U.S. bank.

Now, its presence in emerging markets is helping the bank overcome sluggish growth in the United States and turmoil in the European markets.

Strong growth in loans extended to customers in Asia and Latin America and fewer loan losses in the United States helped bolster Citigroup’s second-quarter profits.

Citigroup’s net income rose 24 percent to $3.3 billion, or $1.09 cents per share, on revenue of $20.6 billion. That compares to net income of $2.7 billion, or 90 cents per share, during the same quarter last year.

The company said half of its revenue came from emerging markets in the quarter. Deposits in Asia and Latin America were up 13 percent, while loans grew 27 percent over the same quarter last year.

Mattel’s net income soars on strength of ‘Cars 2’ toys

Toys based on “Cars 2” are zooming ahead.

Mattel Inc. said Friday that sales of play sets and cars tied to the Disney/Pixar movie are selling even faster than toys tied to “Toy Story 3” did when they launched last year.

That revenue, plus strong sales of Mattel favorites like Barbie, helped push up second-quarter income at the largest U.S. toy maker by 56 percent.

Mattel’s net income for the three months that ended June 30 rose to $80.5 million, or 23 cents per share. Analysts expected adjusted net income of 16 cents per share, according to Fact Set.

Utah foreclosure lawsuit targets Bank of America

Utah attorney has filed a proposed class-action lawsuit against Bank of America and its subsidiaries for allegedly executing tens of thousands of illegal foreclosures statewide.

Filed last month in Salt Lake City’s 3rd District Court, the lawsuit was brought on behalf of three Utah couples who lost their homes in Mapleton, Park City and Salt Lake City to foreclosure in May and June.

The lawsuit contends the companies have failed to operate within Utah foreclosure laws dating to 2001, including amendments enacted in May 2011 that protect consumers by requiring banks to provide written notice when a foreclosure sale is going forward.

The lawsuit seeks a jury trial and an injunction against Bank of America and its companies to block further evictions and foreclosures while a trial is pending.

Federal regulators close four banks in three states

Regulators shut down two banks in Georgia, one in Florida and one in Arizona, boosting to 55 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized High Trust Bank in Stockbridge, Ga., One Georgia Bank in Atlanta, First Peoples Bank in Port St. Lucie, Fla., and Summit Bank in Prescott, Ariz.

The failures are expected to cost the deposit insurance fund $129.1 million combined.