US Stocks Edge Lower At End Of A Volatile Week
By MATTHEW CRAFT
NEW YORK (AP) â¿¿ Disappointing reports about the U.S. economy helped push the stock market lower on Friday.
Concerns that the Federal Reserve could announce plans to cut back its stimulus program next week also weighed on the mood.
Americans' confidence in the economy weakened in June and was lower than economists had estimated, according to the Thomson Reuters/University of Michigan survey out Friday. Another report said factories weren't as busy as expected.The International Monetary Fund, a global lender, offered no help. The IMF said Friday that U.S. government spending cuts that kicked in March 1 were "ill-designed" and slowed the economy down. The Standard & Poor's 500 index sank 9.63 points, or 0.6 percent, to 1,626.73. Media company Gannett fell the most, dropping $1.61, or 6 percent, to $24.99. "There was just no good news today," said Cam Albright, a director at Wilmington Trust Investment Advisors in Wilmington, Del. Add the handful of economic reports out Friday to the anxiety over the Fed's stimulus program, "and you have the recipe for a soft market to finish the week," he said. The Dow Jones industrial dropped 105.90 points, or 0.7 percent, to 15,070.18. American Express led the Dow lower, losing $2.24, or 3 percent, to $72.97. Market indexes flitted from slight gains to losses in morning trading, a contrast to the sudden lurches in previous days. All three major indexes lost 1 percent or more this week. Trading has been volatile since late May as traders try to figure out when the Fed will dial back its aggressive support for the U.S. economy. This week was no different: The Dow slumped a total of 243 points on Tuesday and Wednesday then jumped 180 points Thursday. The blue-chip average has made moves of 100 points or more in seven of the last 10 trading days.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV