YAHOO [BRIEFING.COM]: Stocks
ended the week mixed. The lackluster finish resulted in the stock market's
first weekly loss since November.
Better-than-expected earnings
from both General Electric (GE 19.74, +1.31) and Google
(GOOG 611.83, -14.94) initially brought buyers back into the fold
after the stock market had suffered back-to-back losses. While GE was a steady
source of support for the Dow and the S&P 500, GOOG slid at the open of
trade and settled at its session low with a sizable loss. Sellers pressed
several other large-cap tech issues, too, leaving the Nasdaq to lag its
counterparts yet again.
Bank of America (BAC 14.34, -0.20) failed to meet the
consensus earnings estimate, but given that its challenges are largely company
specific, the rest of the sector was shielded from its weakness. Upside
earnings surprises from BB&T (BBT 28.39, +1.31) and SunTrust (STI 29.50,
+1.63) also helped prop up bank stocks. The KBW Bank Index bounced to a 1.6%
gain.
Though financials have often
been leaders of the broader market, their 0.8% gain was offset by a 0.7% loss
by the technology sector, which is the largest sector by market weight. The
conflicting forces left the major averages to finish mixed after a strong start
that saw the Dow score a new two-year high. As gains faded a weekly loss of
almost 1% was locked in for the stock market.
The dollar had no real impact
on trade today, though it dropped 0.9% to set a new two-month low against a
collection of competing currencies. It has lost ground in eight of the past 10
days.
The expiration of monthly
options brought plenty of participants into the fold. That made for strong
share volume, but nothing too extreme.
The CRB Commodity Index closed
out the week with a 0.6% gain. That helped feed a 0.3% weekly gain for the CRB.
Among the more widely watched
commodities, gold prices fell 0.4% to finish the session at $1346.50 per ounce.
Silver prices shed 1.0% to close at $27.20 per ounce.
Oil prices fell 0.4% to close
pit trade at $89.22 per barrel, but natural gas prices put together a 0.8% gain
to close at $4.73 per MMBtu.
Advancing Sectors: Industrials (+1.2%), Financials (+0.8%),
Energy (+0.7%), Telecom (+0.4%), Health Care (+0.1%), Consumer Discretionary
(+0.1%) Unchanged: Consumer Staples
Declining Sectors: Utilities (-0.1%), Materials (-0.2%), Tech
(-0.7%)DJ30 +49.04 NASDAQ -14.75 NQ100 -0.8% R2K -0.6% SP400 -0.3% SP500 +3.09
NASDAQ Adv/Vol/Dec 1073/1.94 bln/1549 NYSE Adv/Vol/Dec 1578/1.26 bln/1424