Updated from 4:10 p.m. EDT
Blue chips closed little changed and tech stocks slumped Friday as surging crude prices and weakness in the chip sector overpowered good news from
Dow Jones Industrial Average
tacked on about 4.56 points, or 0.04%, to 11,347.45, another six-year high. Losses of more than 2.5% in
dragged the proxy lower in the final hour. The
shed 0.18 point, or 0.01%, to finish at 1311.28.
Meanwhile, despite a 5.3% gain in Google, the
fell 19.69 points, or 0.83%, to 2342.86. Weakness in chip stocks weighed on the index, with the Philadelphia Semiconductor index down 2.1%.
were among the biggest losers.
About 1.78 billion shares traded on the
New York Stock Exchange
, with declining shares matching advancing ones. Trading volume on the Nasdaq was 2.17 billion shares, with decliners outpacing advancers 3 to 2.
For the week, the Dow gained 210 points, or 1.9%, the S&P 500 rose 22 points, or 1.7%, and the Nasdaq finished up 17 points, or 0.7%.
In other markets, the 10-year Treasury bond was up 8/32 in price to yield 5.01%, while the dollar fell against the yen and euro.
Oil futures pushed through the $75 level to fresh all-time highs. The price was up from Thursday because of the advent of the June contract as the front-month benchmark. In Nymex floor trading, June crude finished trading at $75.17 a barrel, up $1.48 from last night's close.
Gold and silver, both of which retreated from multiyear highs Thursday, rebounded Friday. The Comex gold contract closed up $12.40 to $635.50 an ounce, while silver futures tacked on 44 cents to $12.97 an ounce.
"The market finally reacted to commodity prices," said James Park, managing director with Rodman & Renshaw. "The weakness on the long end of the curve contributed to the weakness, too. We held strong for this week, but everything was in a negative light today. There was also a little more volatility because it's options expiration."
To view Gregg Greenberg's video take on today's market, click here
At the start of trading, the Dow rose thanks to a gain in 3M, which earned $899 million, or $1.17 a share, in its first quarter, up from $771 million, or 97 cents a share, last year. Revenue rose 8.3% to $5.56 billion. Analysts were looking for EPS of $1.14 on sales of $5.58 billion. The industrial company also raised its full-year earnings forecast. 3M was higher by $2.46, or 3%, to finish at $85.06.
Google shares rose $22.10 to $437.10 after the company posted a 60% rise in first-quarter earnings and reported an operating EPS number of $2.29. That beat Wall Street estimates by 15%. Sales minus advertiser commissions were $1.53 billion, beating the $1.44 billion Thomson First Call consensus.
The quarter highlighted Google's growing strength outside of its core search franchise, a development that reportedly is making some of its larger competitors nervous. According to
The Wall Street Journal
has spoken to both
about possible alliances to combat the Google threat.
While Google's earnings were a bright spot, Citigroup sapped some of the tech arena's momentum when it dropped its rating on
to sell from buy. Citi cut its stock price target to $28 from $37, saying Dell's pricing advantage over its competitors is eroding.
The firm also said the PC maker has to adjust its profitability expectations in order to kick-start growth and increase its market share. Shares lost $1.23, or 4.4%, to $27.01.
Energy led all sectors, with the Amex Oil index adding 2.8%, and the Philadelphia Semiconductor Sector index finishing up 1.9%. Elsewhere, the Amex Gold Bugs index reversed a large decline Thursday and closed up 4%. The Amex Airline index fell 2.1%, and the Philadelphia Housing Sector index shed 0.5%.
Google, of course, wasn't the only company reporting earnings Thursday after the market closed, as several other big tech names released their quarterly results.
said first-quarter earnings fell to $35.1 million from $74.5 million a year ago, reflecting a writeoff. Adjusted earnings of 44 cents a share matched estimates. Shares of SanDisk dropped $5.49, or 8.4%, to $60.05.
Outside of technology,
swung to a first-quarter loss of $1.2 billion, or 64 cents a share, compared with a profit of $1.2 billion, or 60 cents a share, last year. Excluding items, the automaker earned 24 cents a share. Revenue fell 9% from a year ago to $41.1 billion. The Thomson First Call consensus was for earnings of 25 cents a share on revenue of $39.7 billion. Ford fell 63 cents, or 7.9%, to close at $7.32.
ended lower after the company posted first-quarter earnings of $625.3 million, or 49 cents a share, falling from $727.9 million, or 56 cents a share, last year. Results were in line with analysts' expectations. Revenue was up slightly to $5.1 billion from $4.8 billion last year. The stock was off 48 cents, or 1.4%, to $34.60.
said it had first-quarter net income of $8 million, or 6 cents a share, falling from $55 million, or 34 cents a share, last year. Sales were up 3% from a year ago to $1.16 billion. The Thomson First Call consensus was for EPS of 17 cents on sales of $1.13 billion. RadioShack closed down 25 cents, or 1.4%, to $17.79.
first-quarter net rose 34% from last year thanks to strength in the company's energy-services division. The company's income from continuing operations of 90 cents a share was 2 cents ahead of estimates. Halliburton tacked on 53 cents, or 0.6%, to $83.33.
Friday morning, rival
reported a first-quarter profit of $722 million, or 59 cents a share, on sales of $4.24 billion. The results topped Street forecasts for earnings of 55 cents a share and sales of $4.15 billion. Schlumberger gained 44 cents, or 0.7%, to $68.51.
Analysts at Prudential initiated refining company
with an overweight rating and set a $75 price target, citing widening margins for certain petroleum products, among other things. Valero added $1.47, or 2.2%, to $69.04.
JPMorgan raised its rating for
to overweight from neutral, citing potential growth and shareholder returns due to the company's acquisition of
. The deal is expected to close Friday. Boston Scientific ended the session up 23 cents, or 1%, to $22.49.
Overseas markets were mostly higher, with London's FTSE 100 adding 0.8% to 6133 and Germany's Xetra DAX adding 0.5% to 6095. In Asia, Japan's Nikkei rose 0.5% overnight to 17,404, while Hong Kong's Hang Seng slipped 0.2% to 16,912.