This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Stocks Close Flat on Mixed Data

NEW YORK (TheStreet) -- Many stocks made a piecemeal move to the upside Friday, but the Dow couldn't hold on to its gains after coming off session highs late in the session.

The major indices had turned firmly positive in the early afternoon, largely helped by surging financial names, which appeared relieved on news that congressional leaders finalized a deal on financial reform legislation. But a new spate of mixed data continued puzzling investors about the long-term prognosis of the economic recovery.

After bounding higher and lower throughout today's session, the Dow Jones Industrial Average ended the day on a low note, closing 9 points lower, or 0.1%, at 10,144. But the S&P 500 moved 3 points higher, or 0.3%, to 1077, and the Nasdaq added 6 points, or 0.3%, at 2223.

>> Bull or Bear? Vote in Our Poll

Today's session also brought an end to an otherwise bedraggled week that saw declines on each of the major averages. The tech-heavy Nasdaq dipped 3.7%, followed by a 3.6% drop on the S&P. The Dow finished lower by 2.9% since last Friday's close.

The government Friday unveiled a slower first-quarter economic growth picture, though a separate assessment suggested a better-than-expected mental outlook in the consumer ranks.

Marc Pado, U.S. market strategist at Cantor Fitzgerald, said the week saw investor sentiment turn darker after a series of disappointing reports demonstrating weakness in housing, alongside a tepid economic assessment from the Federal Reserve. Describing the market tone as a "malaise," he said Friday's data did little to assuage those concerns.

"I think the feeling this week went from optimism entering the second-quarter earnings season, that we would see good numbers, to an economy not doing as well as we thought," Pado said. "There's a real lack of enthusiasm, lack of any catalysts. You don't really see growth on the horizon."

But House and Senate members wrapped up negotiations on an overhaul of banking regulations on Friday, which helped the financial sector today. A vote on the final bill is expected next week.

As he was preparing to attend the G-20 summit in Toronto, President Obama spoke about the legislation.

"We are poised to pass the toughest financial reform since the ones we created in the aftermath of the Great Depression," President Obama said, according to a White House transcript. "The reforms making their way through Congress will hold Wall Street accountable so we can help prevent another financial crisis like the one we're still recovering from."

Overseas on Friday, Hong Kong's Hang Seng slipped 0.2% lower while Japan's Nikkei declined 1.9%. The FTSE in London shed 1.1%, and the DAX in Frankfurt slumped 0.7%.

Stock quotes in this article: AAPL, RIMM, ORCL, KBH, BA, XTO, JPM 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs