Wall Street Ends in Neutral

Updated from 4:12 p.m. EST

Stocks on Wall Street ended a choppy session Friday essentially where they left off the previous day, as morning enthusiasm for a $17.4 billion aid package for ailing Detroit automakers sputtered in a bewitched market.

The Dow Jones Industrial Average, which earlier rose more than 180 points, ended down 25.8 points, or 0.3%, at 8579.19. However, the S&P 500 was edged up 2.32 points, or 0.3%, at 887.60, and the Nasdaq added 11.95 points, or 0.8%, to 1564.32.

For the week, the Dow ended down 0.6%, the S&P added 0.9%, and the Nasdaq gained 1.5%.

Aside from the Detroit bailout, the day's activity was under the spell of "quadruple witching." A quadruple-witching hour occurs in the last hour of trading on the third Friday of every March, June, September and December -- days on which stock index futures, stock market index options and stock options and single stock futures all expire.

The Real Story Wrap: December 19

Leading headlines Friday, President Bush said the U.S. government will extend $13.4 billion in loans to automakers General Motors (GM) and Chrysler in December and January through the Troubled Asset Relief Program (TARP), with another $4 billion available in February. The troubled companies have been charged with the task of showing financial viability by the end of March.

"It's giving a psychological boost to the market, which is relieved that we're not facing another meltdown of economic decay," says Peter Cardillo, chief market economist for Avalon Partners.

President Bush allowed the automakers just enough lifeline to help them along until Obama takes over the White House next month, and the new administration will likely rearrange all of the stipulations in a more Detroit-and union-friendly manner, says Michael Pento, senior market strategist at Delta Global Advisors.