Quarter Ends With a Thud

Updated from 4:09 p.m. EDT

Stocks tumbled late in the session Friday and closed lower as a surge in crude prices and a downturn in the financial sector overshadowed a string of positive economic data.

During a volatile session, the Dow Jones Industrial Average gained 100 points and then fell by 100, ultimately ending off 13.66 points, or 0.1%, to 13,408.62. The S&P 500 eased 2.36 points, or 0.16%, to 1503.35, and the Nasdaq Composite gave back 5.14 points, or 0.2%, to 2603.23.

In the financial sector, Merrill Lynch (MER Quote) slid 2.8%, Bear Stearns (BSC Quote) fell 2.8%, Morgan Stanley (MS Quote) lost 1.2%, and Goldman Sachs (GS Quote) dropped 1%.

"After some good numbers this morning, the fear has come back," said Paul Mendelsohn, chief investment strategist with Windham Financial. "It's clearly related to the financial sector and the subprime problem, as financial stocks plummeted. This kind of volatility is something the bulls should've prevented."

Oil jumped $1.11 to $70.68 a barrel, the second straight day it has gone above the $70 mark. During the prior session, crude came off its highs to close at $69 and change.

About 3.03 billion shares changed hands on the New York Stock Exchange, as advancers matched decliners. Volume on the Nasdaq reached 2.21 billion shares, with losers outpacing winners 9 to 7.

Earlier, investors cheered new inflationary data after the Commerce Department said personal income rose 0.4% last month, compared with a revised 0.2% decline in April. Personal spending was up 0.5%. Both figures were mostly in line with expectations.

< Previous

1 2 3

Next >