Stocks log first weekly loss since early May
NEW YORK (AP) - Caution has once again overcome the stock market.
Stocks finished mixed Friday, leaving all the major indexes with their first weekly loss since early May. Technology, financial and retail stocks gained, while utilities and energy stocks were lower.
The market had started the day stronger following surprisingly good reports the day before on jobs and manufacturing.
But with little in way of corporate or economic news Friday, prospects were poor for restarting a rally that powered the market up as much as 40 percent this spring after hitting its lowest level in more than a decade in early March.
The Dow Jones industrial average fell 15.87, or 0.2 percent, to 8,539.73. The broader Standard & Poor’s 500 index rose 2.86, or 0.3 percent, to 921.23 and the Nasdaq composite index gained 19.75, or 1.1 percent, to 1,827.47.
Traders have grown worried in recent weeks that a recovery may be more subdued than originally hoped and that the huge run-up in stocks may have been overdone.
“There’s no question in my mind that the economy is improving,” said Phil Orlando, chief equity market strategist at Federated Investors. “But investors are betting on some sideways consolidation rather than a continuation of a sharp spike in share prices.”
Trading was also jumpy because of the occurrence of a quarterly “quadruple witching,” which marks the simultaneous expiration of four different kinds options and futures contracts.
About three stocks rose for every two that fell on the New York Stock Exchange, where volume came to a heavy 2.13 billion shares, compared with 1.09 billion shares at the end of trading Thursday.
By TIM PARADIS and SARA LEPRO AP Business Writers
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