Stocks barely budge; market ends week with loss

May 24, 2013 @ 2:16 pm


FILE - In this Thursday, May 23, 2013, file photo, Trader Donato Cuttone works on the floor of the New York Stock Exchange near the close of trading. Asian shares traded erratically Friday May 24, 2013 but European markets found their footing, a day after global stocks were routed by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary stimulus. (AP Photo/Richard Drew, File) | Zoom

NEW YORK (AP) - Major stock indexes closed out their first weekly loss in a month in quiet trading Friday.

The Standard & Poor's 500 index dropped 0.91 of a point to close at 1,649.60. The Dow Jones industrial average rose 8.60 points to 15,303, a gain of 0.1 percent. Procter & Gamble supported the Dow with an increase of 4 percent.

Both indexes had their first weekly losses since the week ending April 19. A disappointing manufacturing report out of China and a sharp fall in Japan's stock market rattled investors' nerves this week. But anxiety over the Federal Reserve's bond-buying program was the main culprit. Some investors interpreted comments from Fed officials to mean that the bank may start pulling its support for the economy sooner than they expected.

The S&P 500, widely used by mutual funds as a proxy for the stock market, lost 1.1 percent for the week. It's still up 15.7 percent for the year.

Marty Leclerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa., said the weekly drop wasn't cause for concern. Even market rallies have to take the occasional break, he said.

"It's up like a rocket blast this year," Leclerc said of the stock market. "For there to be a little bit of a pullback is perfectly understandable."

The market headed lower at the start of trading on Friday, then spent the rest of the day slowly recovering ground. By the closing bell, market indexes were roughly back to where they started.

Procter & Gamble announced late Thursday that it's bringing back its former CEO, A.G. Lafley, to run the company. The world's largest consumer-products maker, whose brands include Tide and Crest, is trying to increase sales in the face of tough competition. P&G rose $3.18 to $81.88.

Sears plunged 14 percent after the department-store chain reported a steep quarterly loss and slumping sales after the market closed Thursday. Sears lost $7.92 to $50.25.

The Nasdaq composite slipped 0.27 of a point to 3,459.14.

Eight of the 10 industry groups in the S&P 500 fell. Only financial stocks and consumer staples makers rose.

The stock market slipped Friday despite an encouraging report on U.S. manufacturing. The government said orders for long-lasting goods rebounded in April, helped by demand for aircraft and stronger business spending. The report suggests economic growth may hold steady this spring.

Until this week, signs of slow but steady economic growth and record profits for big companies had propelled stock-market indexes to all-time highs.

All but 11 companies in the S&P 500 have posted their first-quarter earnings, and the results have turned out much better than expected. Nearly seven of 10 have reported higher earnings than analysts had estimated. Overall profits in the first quarter are on track to climb 5 percent over the year before.

In the market for U.S. government bonds, the yield on the 10-year Treasury note dipped to 2.01 percent from 2.02 percent late Thursday.

The price of crude oil slipped 10 cents to settle at $94.15 a barrel, ending with a drop of $1.87 for the week. Gold lost $5.20 to $1,386.60 an ounce.

Trading was light ahead of the long weekend. U.S. financial markets will be closed Monday for Memorial Day.

Among other stocks in the news Friday:

_ Intuitive Surgical gained 5 percent after a jury decided in favor of the maker of robotic medical equipment in the first of many lawsuits filed against the company. The plaintiffs argued that Intuitive was negligent in training doctors to use its equipment. Intuitive's stock rose $23.07 to $501.53.

_ Titan Machinery plunged 9 percent. The company, which deals in agricultural and construction equipment, said late Thursday that weaker revenue will lead it to a wider quarterly loss than it had expected. Titan's stock lost $2.10 to $20.40.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
More Money News
Top Stories
MyNorthwest.com - Purpose of Comments statement
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.

Comments (25)


  • Add A Comment

  • hdcase wrote...
    If this surprises you you're living under a rock.
    August 4, 2011 10:33 am
    Congress needs to do a lot more than raise the spending cap or make so-called cuts, in future years. We need to do what Moody's and Standard & Poors said. Cut 4 trillion now.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • hnuh wrote...
    Even
    August 4, 2011 10:45 am
    now, the leftists cannot fathom how their ideas DO NOT WORK. They will call economic sabotage, unpatriotic or treasonous behavior, all kinds of snarling and shrieking smears at "the other"... that is, those who produce and invest. The takers are in charge, the makers are trying to protect themselves. The biggest error we have made as a people is embracing the utterly legless leftist philosophy over the last 40 years and allowing ourselves to experience the INEVITIBLE RESULT of socialistic ideas in our economy.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Lonestar wrote...
    What's next?
    August 4, 2011 11:13 am
    Each side will blame the other, the gummit will shovel more money into the economy, Al Gore will get richer, and the rest of us will survive on Kraft macaroni & cheese.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Well! I am so relieved to see how well ObamaNomics is working! Just how well all that HOPE and CHANGE is working.
    August 4, 2011 11:16 am
    NOT!

    All this just because the Dear Leader could not make the Republicans look like they caved in his Messiah like presence??? That the Repbublicans were given the Big Win on this! I don't think so!

    This raising of the debt ceiling being raised and the Dear Leader within one day almost hitting that limit, the stock market nose diving? Again, where is all that Hope and Change?

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Anton wrote...
    Obamanomics....
    August 4, 2011 12:04 pm
    Yea, it's Obama's fault! He's been in office for 3 years and now the market has just realized that he's there now. And...what's this?... he signed a "health-care" into law?... when did this happen?.... oh!...everybody sell eveything! Or maybe, just maybe, the global economic growth outlook wasn't so hot and started a sell-off.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • daveismenotyou wrote...
    But Anton
    August 4, 2011 12:13 pm
    We had this great recovery, right?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • roll wrote...
    ECONOMIC'S
    August 4, 2011 12:18 pm
    anton what do you not understand we increase our limit x2 we decrece our spending x1 we are still going down maby slower but we are going backwards in the red. maby you dont pay your bills on time so you think its ok to spend 2x more than you make. only an idiot would do that oops that is we us USA the only way out is to cut up the card do without
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • HPD 5-0 wrote...
    Yea, it's Obama's fault!
    August 4, 2011 12:43 pm
    Hilarious how when this happens before BO got elected, the leftists screamed "IT'S BUSH'S FAULT!" Now that it's WORSE under their guy's watch, their incredulous that the "Great One" would be blamed. Ah, hypocrisy, thy name is LIBERAL.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Lonestar wrote...
    Happy Birthday Mr President
    August 4, 2011 12:50 pm
    You were supposed to blow out the candles - not blow up the economy!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    So how is that Summer of Obama recovery going?
    August 4, 2011 1:06 pm
    What does this make? Oh, yea! The third summer of Obama recovery. Where is the recovery? The jobs?

    How is that Hope and Change going for you left wing parrots?

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Dmaxx wrote...
    Here's a crazy idea
    August 4, 2011 1:07 pm
    We should probably just print about 8 trillion dollars, and pay everyone off that we owe while we can still do it. It won't be long before the rest of the world refuses to trade in US Dollars, so now might be our last chance.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }