NEW YORK (TheStreet) -- The major indices struggled to end the week on a positive note Friday in the wake of a souring consumer mood. Both the S&P 500 (SPY) and Dow (DIA) traded near flat by noon, after hitting all-time-highs earlier in the week. The Nasdaq (QQQ) edged lower.
StockTwits.com users predicted that a drop in consumer sentiment would make it unlikely that the market would rally to end the week.
$BAC Consumer Sentiment just killed any chance of a buy the market dip today....? Seth Smith (@AllenWindsor52) May. 16 at 09:56 AM
A University of Michigan/Thomson Reuters survey indicated that consumer sentiment fell in April -- from a reading of 84.1 in April to 81.8 in May. Economists had anticipated a gain to 85.
Survey respondents indicated that wage stagnation was the main reason for the slump. Earnings beats by major retailers including JCPenney (JCP), Dillard's (DDS) and Nordstrom (JWN) countered some of the negative sentiment.
Some investors said there was enough positive news out there to warrant a push higher by end-of-day.