YAHOO [BRIEFING.COM]: The S&P 500 closed down 2.0% for the week and saw its biggest weekly decline in 2012 as European sovereign debt fears and disappointing U.S. data weighed. Worries over the health of Spain came to a head on Friday after it was reported net borrowing by Spanish banks from the European Central Bank surged to EUR228 billion in March from EUR152 billion in February. That news sent Spanish CDS up to a record high near 500 basis points, and caused its 10-yr yield to climb back above 6.00%. Economic data here in the U.S. also disappointed as claims data and Michigan Sentiment fell short of estimates. This week’s losses came despite a two-day rally in the middle of the week that saw equities climb more than 2.0% on the possibility of more quantitative easing following a speech from Fed Vice Chairman Janet Yellen who suggested the Fed could hold rates low through 2015 if necessary. Earnings season got started on the right foot as Alcoa, Google, JP Morgan Chase, and Wells Fargo all reported better than expected results.   

Crude oil fell further into negative territory in response to data showing China's economy growing at a weaker than anticipated 8.1% year over year. Apprehensions about slowing demand for oil, lowered U.S. consumer confidence in April, and a stronger dollar put pressure on crude, enough that it settled its session at $102.84 per barrel, or 0.4% lower than last week's closing price. Natural gas remained at its 10-year lows as it closed the last three days' pit trade at $1.98 per MMBtu. Yesterday's stronger-than-expected inventory data that showed a build of 8 bcf when a build of 20 bcf was anticipated was not enough to boost the energy component above that level. Nat gas finished the week 5.3% lower. Precious metals were under pressure in as they traded further into negative territory in response to a stronger dollar. Gold took a large loss as it sold-off to a session low of $1655.10 per ounce just minutes before floor trade closed. Despite today's losses, the yellow metal settled at $1660.00 per ounce, 1.8% higher over last week. Silver saw some volatility as it also trended downwards in pit trade. It closed the week 0.9% lower at $31.42 per ounce. Copper saw the biggest weekly losses after trading at three month lows of $3.61 per pound. The metal lost over 4.7% since last Thursday's close, settling pit trade at $3.62 per pound.

DJ30 -136.99 NASDAQ -44.22 SP500 -17.30 NASDAQ Adv/Vol/Dec 550/1.41 bln/1930 NYSE Adv/Vol/Dec 720/755.4 mln/2316