Record Week Ends on Downer
Updated from 4:21 p.m. EDT
Stocks finished lower Friday as weaker-than-expected jobs data and a selloff at General Motors (GM) weighed on the major indices.
The Dow Jones Industrial Average, which had closed at record highs for the past three days, ended down 16.48 points, or 0.14%, to 11,850.21, having been down as many as 66 points earlier. The S&P 500 was off 3.64 points, or 0.27%, to 1,349.58, while the Nasdaq Composite lost 6.35 points, or 0.28%, to close at 2,299.99.
Despite Friday's losses, the major indices finished the week with moderate gains. The Dow rose 171 points, or 1.5%, the S&P 500 gained 13.5 points, or 1%, and the Nasdaq was higher by 41.5 points, or 1.8%."This was not a bad week, with the Dow surpassing old highs," said Paul Nolte, director of investments with Hinsdale Associates. "We may come back to retest those levels next week. The economic data hung over us today but we saw buyers taking advantage on some names to end the day." Volume and breadth were weak entering the weekend. About 2.57 billion shares changed hands on the New York Stock Exchange. Decliners beat advancers by a 2-to-1 margin. Volume on the Nasdaq was roughly 1.71 billion shares, with losers beating winners 8 to 7. GM pressured the Dow, with shares falling 6.3% on news that Jerome York resigned from automaker's board of directors. York is an ally of billionaire investor Kirk Kerkorian, who signaled Friday that he won't increase his stake in the company. The stock slumped by $2.08 to finish at $31.05.
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