The financial sector was the star performer among blue chip stocks on Wall Street this week, but broader indexes finished down on Friday.The Dow Jones Industrial Average rose for a fourth straight day, ending 12.85 points higher, up 0.1%, at 10624.69, led
The financial sector was the star performer among blue chip stocks on Wall Street this week, but broader indexes finished down on Friday.
The Dow Jones Industrial Average rose for a fourth straight day, ending 12.85 points higher, up 0.1%, at 10624.69, led by a 3.4% gain in General Electric.
The index has risen 0.7% over its recent winning streak and ended with a 58.49-point, or 0.6%, gain for the week.
The Nasdaq Composite Index slipped 0.8 point but ended with a weekly gain of 1.8%. The S&P 500 was off 0.25 point but finished with a 1% weekly gain.
The latter index was hurt by a 0.4% decline in its financial sector, which snapped a record 10-day winning streak in which it rose nearly 7%.
All four financial stocks that posted sharp gains earlier in the week on speculation the government might soon unload its remaining stakes in them turned lower on Friday.
Citigroup was off 5%, although it remained the most-active stock, representing almost a quarter of New York Stock Exchange composite volume. Fannie Mae was off 1.8%, Freddie Mac fell 0.8% and American International Group shed 2.5%.
On the economic front, investors grappled with mixed signals from new data.
The US Commerce Department reported retail sales rose 0.3% in February, in line with expectations. But a consumer sentiment index fell to 72.5 in mid-March from 73.6 in February. Economists had anticipated it would rise to 73.8.
Other markets
Canadian stocks capped off another winning week on Friday as fertiliser makers provided the boost needed to end the session higher.
The S&P/TSX Composite Index finished up 34 points, or 0.3%, to 12,013. The index posted a 0.4% gain this week.
Shares of Agrium surged 7.5% while Potash Corp of Saskatchewan gained 6.9% and Potash One advanced 2.9%.
European shares ended a choppy week higher after better-than-expected industrial production data in Europe and a rise in US retail sales.
Industrial production data from the 16-nation euro zone rose 1.7% in January.
The Stoxx 600 Europe Index rose 0.4% to 258.52, the second day of gains during a week in which the index added 0.6%. The year-to-date gains now stand at 1.8% – a small portion of its 12-month advance of 55%.
The euro rose 0.5% to $US1.3745 for a period, boosting commodity futures and mining shares. In London, shares of copper miner Vedanta Resources rose 2.3% while diversified miner Anglo American climbed 1.1%.
The German DAX index rose 0.3% to 5945.11, the UK's FTSE 100 Index gained 0.2% to 5625.65 and the French CAC-40 index finished flat at 3927.40.
In Asia, China's shares fell to nearly a three-week low on Friday, led by property firms and banks as growing concerns about inflation raised the prospect of Beijing introducing possible new monetary-tightening measures.
The Shanghai Composite Index ended down 1.2% at 3013.41, its lowest point since Feb. 23. The index fell 0.6% for the week.
In Tokyo, exporters helped the market extend gains. The Nikkei Stock Average of 225 companies rose 0.8% to 10751.26, its highest close since January 21. The index was among the best performers in the region for the week, with gains of nearly 3.7%.
Commodities: Oil, gold down
Oil futures dropped as conflicting signals about the US economic recovery undermined the oil market's latest try for a 2010 high.
Light, sweet crude for April delivery fell 87USc, or 1.1%, to settle at $US81.24 a barrel in New York.
Futures rose to a two-month high of $US83.16 a barrel at one point on Friday after the February retail sales were released, but support collapsed as other indicators painted a less rosy picture of the economy.
Gold futures fell to its lowest point in more than two weeks despite a markedly weaker US dollar.
The front-month contract for March fell $US6.50, or 0.6%, to settle at $US1101.50 an ounce in New York. The contract fell 2.9% for the week to settle at its lowest point since February 24 and wiped out most of its gains for this year.
Most-active April gold fell $US6.50, or 0.6%, to settle at $US1101.70 an ounce. The contract's lowest point for the day was $US1097.30, its softest print since February 25.
Currencies: Dollar, euro down
The dollar weakened broadly amid concerns that U.S. monetary policy may stay loose for a while.
The Federal Open Market Committee's rate-setting meeting on Tuesday is widely expected to leave rates unchanged near zero and make few changes to the key part of its statement: the commitment to leave rates on hold for a while.
The euro weakened to $US1.3762 from $US1.3681 late on Thursday. The dollar weakened to ¥90.47 from ¥90.55.
The euro strengthened to ¥124.51 from ¥123.88. The UK pound jumped to $US1.5184 from $US1.5062.
