Updated from 4:21 p.m. EDT

Stocks in New York sold off slightly into the close after a mostly positive session, marking the fourth consecutive day of losses, but the major indices were positive for the week.


Dow Jones Industrial Average

shed 14.81 points, or 0.2%, to 8277.32, marking its longest losing streak since March 3, while the

S&P 500

lost 1.33 points, or 0.2%, to 887. The

Nasdaq Composite

gave up 3.24 points, or 0.2%, to 1692.01.

For the week, however, the Dow added 0.1%, the S&P 500 rose 0.4%, and the Nasdaq advanced 0.7%.

Financials underperformed, with the KBW Bank Index down 1.9%, after the president signed the new restrictions on credit card issuers. Also, Federal Deposit Insurance Corp. board members approved a special assessment of 5 basis points on banks, totaling $5.6 billion industrywide and reserved the option to assess other charges in the future.

Among financials,

Bank of America

(BAC) - Get Report

lost 3%,

Wells Fargo

(WFC) - Get Report

gave up 2.9% and

American Express

(AXP) - Get Report

dropped 3.1%.

Stocks had pulled back on Thursday as Standard & Poor's warned that the U.K. could lose its AAA credit rating, but investors seemed more at ease as Moody's said it is comfortable with the U.S. triple-A sovereign rating and stocks stayed in positive territory for most of Friday's session.

Of the better performers on the Dow,



gained 2.1%,


(DIS) - Get Report

added 2%, and


(MCD) - Get Report

tacked on 2.5%.

Sears Holdings


was rising 10.4% after it beat profit estimates.

TheStreet Recommends

General Motors

(GM) - Get Report

, on the other hand, was off by 25.5%.

The Obama administration is preparing to send GM into bankruptcy under a plan that would provide it just under $30 billion in additional federal loans,

The Washington Post



But that report came after news yesterday that GM had

arrived at a deal

with the United Auto Workers union and the government, one of the criteria for the company to receive more loans and effectively avoid a bankruptcy filing. There were also reports that the U.S. Treasury is giving the company's GMAC

financing unit

at least $7.5 billion in aid.

The latest news also comes after members of a House Judiciary Committee hearing Thursday on automaker bankruptcies

voiced disapproval

of quick moves to force


and General Motors to restructure or seek bankruptcy court protection.

Meanwhile, a bit of controversy has emerged around retailer


(TGT) - Get Report

board. A group backed by William Ackman's Pershing Square Capital, which has been fighting to change the board, said Friday that two members, Solomon Trujillo and Anne Mulcahy,

should resign

because their employment status has changed. Specifically, Trujillo and Mulcahy are no longer CEOs of Telstra of Xerox, respectively. The retailer holds its annual meeting next week in which shareholders will elect directors.

Target shares dropped 2.1% on Friday.

Underscoring the worries about regional banks,

regulators closed




Thursday, saying it was undercapitalized and in an unsafe condition to conduct business. It was the 34th FDIC-insured U.S. institution to fail this year and the third in Florida.

The FDIC was appointed as receiver of the $13.1 billion Coral Gables-based bank. Per the results of an auction, the bank's new ownership group includes WL Ross & Co., Carlyle Investment Management, a unit of

Blackstone Group

(BX) - Get Report

, Centerbridge Capital Partners, LeFrak Organization, The Wellcome Trust, Greenaap Investments and East Rock Endowment Fund.

Stocks overseas were mixed. The FTSE in London and Dax in Frankfurt were up by 0.5% and 0.4%, respectively. In Asia, the Nikkei in Japan and Hang Seng in Hong Kong fell 0.4% and 0.8%, respectively.

The dollar was recently stronger vs. the yen, but weaker against the pound and euro. Longer-dated Treasuries were falling; the 10-year was lower by 22/32, yielding 3.45%, while the 30-year was down 1-06/32, to yield 4.38%.

Crude oil rose 62 cents to $61.67, while gold was higher by $7.70 to $958.90.