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Here is a recap of the top news items from this week on Wall Street: 1. S&P informed the Finance Ministers of a number of EU nations about incoming credit rating downgrades.

While word of the reports was first heard early in Friday's afternoon session, the ratings were not released at 3pm ET as previously expected.

France's rating was lowered by one notch, while Italy and Spain's ratings were taken down by two notches. Notably, Germany's rating was affirmed. 2.

Shares of JPMorgan (NYSE: JPM) traded about 3 percent lower Friday following fourth-quarter results earlier.

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An analyst upgraded shares of FedEx Corp. to "Outperform" from "Underperform," saying slight improvements in global package volume, wage cuts and the possible bankruptcy of a major trucking company will drive earnings — and in turn, shares — higher.

A Saudi conglomerate whose billionaire chairman is under the spotlight by the kingdom's banking authorities had its credit rating knocked down several notches to junk status by a leading debt rating firm on Tuesday.

Standard & Poor's Ratings Services on Friday slashed its corporate credit rating on newspaper publisher McClatchy Co. four notches deeper into junk territory after the company offered to buy back $1.15 billion in debt at a fraction of face value.