U.S. stocks finished Friday's session in negative territory, with the major U.S. stock indexes snapping their winning streak as the latest batch of economic data failed to inspire another record-breaking finish.
That said, the broader markets remained solidly ahead on the week, with the Dow industrials and S&P 500 both up 0.8% and 0.6% respectively.
Friday's reports included one that showed consumer confidence unexpectedly fell this month. Separately, new economic data revealed consumer prices rose 0.7%, while another survey found manufacturing in New York and surrounding areas increased less than most analysts were expecting. Consumer stocks were the worst performers Friday, with healthcare and technology shares not far behind.
Consumer confidence fell in early March to a 71.8 reading, its lowest level since December 2011, according to a University of Michigan/Thomson Reuters survey out Friday. The drop from a 77.6 score last month surprised analysts, who were instead looking for a 0.4 rise this month. The survey said the decline was mostly due to frustration with budget wrangling in Washington as well as ongoing fears about layoffs and a scarcity of available of jobs.
CPI
Also, a Labor Department report found the consumer-price index climbed 0.7% last month, the first increase in four months and the biggest rise since June 2009. The median forecast of 81 economists in a Bloomberg survey were looking for a 0.5% rise, with a surge in gasoline prices accounting for roughly 75% of February's price advance.
Empire State Index
The Federal Reserve Bank of New York's general economic index for New York State, northern New Jersey and southern Connecticut eased to a 9.2 reading this month from a 9-month high score of 10 during February. Readings exceeding zero signal expansion.
Commodities closed mostly higher with both oil and gold scoring gains for the week. Oil futures finished up 0.5% at $93.45 a barrel, their highest settlement since Feb 20th. Over the week, oil added 1.6%. Adding upside to oil futures in Friday's session was strong economic data from the U.S. and a statement from President Barack Obama on Thursday that military force remained an option if sanctions and diplomacy failed to curb Iran's nuclear ambitions.
Gold futures added 0.1% Friday to settle at $1,592.60 an ounce. Over the week, gold added 1%, boosted by concerns that inflation will soon hit America's economy.
Here's Where The U.S. Markets Stood At Day's End
- Dow Jones Industrial Average down 25.03 (-0.17%) to 14,514.11
- S&P 500 down 2.51 (-0.16%) to 1,560.72
- Nasdaq Composite Index down 9.86 (-0.30%) to 3,249.07
- Nikkei 225 Index up 1.45%
- Hang Seng Index down 0.38%
- Shanghai China Composite Index up 0.36%
- FTSE 100 Index down 0.66%
- (+) PGNX, Sharply narrows Q4 net loss to $0.01 per share from a $0.32 loss during the same quarter last year and beating analyst projections by $0.30. Revenue rose 303% year over year to $8.88 mln, also crushing the analyst consensus.
- (+) CRK, Announces $768-mln deal selling 53,306 acres of oil and gas properties in the Permian Basin of western Texas to Rosetta Resources (ROSE).
- (+) AMBO, Shares soar after the company files an amended 13D by Baring Asia PE Fund, proposing a $1.46 per ADS go private deal.
- (-) STEC, Q4 net loss widens to $0.50 per share, missing expectations by $0.03. Revenue falls 40% to $35.1 mln, also lagging consensus opinion. Guides Q1 EPS, revenues below estimates. Also rejects call by Balch Hill LLC and Potomac Capital Management to fire CEO, replace entire board.
- (-) SUPN, Q4 revenues climbs to $1.1 mln from only $42,000 during same quarter last year but still trails analyst estimates by around $700,000. Reverses year-ago profit with $0.51 per share net loss, beating the Street call by $0.10.
- (-) EGY, Turns year-ago profit into a $0.33-per-share net loss, also trailing analyst estimates looking for net income of $0.31 per share. Revenue slides 20.9% to $53.6 mln.
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