Updated from 7:54 a.m. EDT
U.S. stocks were in a holding pattern early Friday, with blue chips narrowly mixed and tech shares creeping to the downside.
Dow Jones Industrial Average
was off 14 points to 11,440, and the
was tacking on 1 point to 1284. The
was down 6 points at 2315.
The U.S. indices were rocked Thursday, in no small part because of a Goldman Sachs downgrade of the domestic investment banks and the firm's negative comments on
. Goldman's comments combined with weakness in
Research In Motion
to create conditions for a steep selloff.
The Dow plunged 358.41 points, or 3%, and ended at 11,453.42, its lowest level in more than a year. The S&P fell 38.82 points, or 2.9%, to 1283.15, and the Nasdaq slumped 79.89 points, or 3.3%, to 2321.37.
Ahead of the new day, Goldman offered more of the same, this time cutting
to market perform from outperform. RIM also suffered a JMP Securities downgrade to market perform.
Lehman Brothers also weighed in on
, saying the brokerage could be facing another $5 billion in writedowns because of its exposure to the bond insurers.
Among earnings, homebuilder
posted a widened second-quarter loss that was worse than Wall Street's expectations.
Following the prior close,
Bank of America
announced it would
eliminate 7,500 jobs after merging with mortgage lender
Traders were also monitoring the latest surge in oil, whose run-up this year was given new fuel in the previous session by comments from OPEC's president that $170-a-barrel crude could be a reality this year.
Lately, oil was up 39 cents at $140.03 a barrel. It had previously reached a heretofore unseen price of $141.67. The
ETF was adding 0.7% to $113.98. Gold was up $6.80 at $921.90.
In economic data, the Commerce Department's personal spending number climbed 0.8% from April to May, its biggest increase since November 2007. Personal income rose 1.9% for the month, beating analyst predictions of 0.7%.
Treasury prices were rising. The 10-year note was up 7/32 in price to yield 4.01%, and the 30-year was up 8/32, yielding 4.59%. The dollar was gaining against the euro, but losing ground to the yen.
European markets were mixed, while Asia's exchanges slid. London's FTSE was up 0.1%, and Frankfurt's DAX was down 0.5%. Japan's Nikkei and Hong Kong's Hang Seng were both weaker.