YAHOO [BRIEFING.COM]: A broad-based decline following the latest dose of data resulted in the S&P 500's first weekly decline in five weeks.

There was some modest buying into the close that helped the stock market break out of its narrow afternoon trading range, which spanned just five points, and close above 1000. Still, the extended sideways drift made for an extremely subdued session. Participants showed their lack of interest by trading just over 1 billion shares on the NYSE.

Stocks went on their slide immediately after the University of Michigan's preliminary consumer sentiment survey for August hit news wires just before 10:00 AM ET. The survey's reading retreated to its lowest level since March by coming in at 63.2, which was well below the 69.0 that was widely expected.

July CPI and core CPI were released ahead of the opening bell. They caused little reaction since they were spot on with expectations, which called for a flat reading and a 0.1% monthly increase, respectively.

Industrial production data for July was also released before the session's start. The data showed a slightly stronger-than-expected 0.5% increase, thanks to inventory rebuilding and the reopening of auto plants.

Though losses were broad-based, materials stocks caught the brunt of the selling effort. Their 2.7% loss was the worst of any major sector and it negated the previous session's 2.1% gain.

Retailers also had a weak session. They shed 1.7% following downside guidance from JCPenney (JCP 31.23, -2.11). The dour outlook overshadowed the company's better-than-expected second quarter earnings results. Nordstrom (JWN 27.88, -1.88) shared in the weakness, despite reporting in-line earnings and raising its outlook.

Defensive-oriented stocks outperformed on a relative basis. Health care and telecom both fell just 0.3%, while consumer staples stocks slipped 0.1% and utilities finished just below the unchanged mark.

Financials helped the broader market pare its losses into the close. The financial sector had been down more than 2% at its session low, but finished with a much more modest 0.5% loss. Regional banks (+1.6%) and diversified financial services firms (+0.4%) provided the sector with support.

Despite paring losses in late trade, more than 85% of the components in the S&P 500 finished in the red Friday. That underpinned the stock market's first weekly decline in five weeks, even if it was a relatively tame 0.6%.DJ30 -76.79 NASDAQ -23.83 NQ100 -1.1% R2K -2.0% SP400 -1.4% SP500 -8.64 NASDAQ Adv/Vol/Dec 585/1.94 bln/2084 NYSE Adv/Vol/Dec 859/1.09 bln/2159