A much stronger than expected final read on consumer sentiment failed to bring out the buyers as the headlines from across the pond were predictably dour, including news that the bailout tab for partially nationalized Spanish institution Bankia will be roughly $24 billion. In addition, Standard & Poor's moved to downgrade Spain's biggest banks amid the threat of a double-dip recession in the country. Volumes were low with 2.86 billion shares trading on the New York Stock Exchange and only 1.2 billion in play on the Nasdaq. The Dow Jones Industrial Average dropped 76 points, or 0.6%, to close at 12,454, after trading as high as 12,533. The S&P 500 finished lower by 3 points or 0.2% to close at 1318. The Nasdaq dipped nearly 2 points, or 0.1%, to close at 2837.
NEW YORK ( TheStreet) -- Stocks closed on a weak note Friday, as investors remained concerned about the mounting eurozone crisis heading into the holiday weekend.