Global issues dwarfed positive domestic news as stocks on Wall Street fell in the final session but were slightly up for the week.On the global front, China tightened interest rates for the second time this year and data on Europe's economic growth missed
Global issues dwarfed positive domestic news as stocks on Wall Street fell in the final session but were slightly up for the week.
On the global front, China tightened interest rates for the second time this year and data on Europe's economic growth missed expectations.
Losses were trimmed by some big gains among technology stocks and surprisingly strong US retail sales.
The Dow Jones Industrial Average, which posted a 160-digit point decline at its morning low, ended down 45.05 points, or 0.4%, at 10,099.14.
The decliners were led by a 2.2% drop in Alcoa, which was hurt by a retreat in metals prices, while Intel was the Dow's biggest gainer, up 1.8%.
The big swings during the week left the market with a modest 0.9% gain for the week. The general feeling is that the US is improving faster than Europe, which is dogged by debt woes among the outliers in the euro-zone, such as Greece, Spain and Ireland.
The Nasdaq Composite Index rose 0.3% to 2183.53, up 2% for the week. The S&P 500 slipped 0.3% to 1075.51, up 0.9% on the week.
The top tech performer was Motorola, which surged 7.5% after it announced plans to split into two companies.
Other markets
The Canadian sharemarket finished higher after a late rally overcame concerns about China’s monetary tightening.
The S&P/TSX Composite Index had fallen nearly 100 points but bounced back to finish 0.3% up at 11,469.81, or 2.2% for the week, ahead of a three-day holiday weekend and the start of the Winter Olympics in Vancouver.
All European sharemarkets ended lower, snapping a four-session run of gains, on weak economic data.
The pan-European Dow Jones Stoxx 600 fell 0.30% lower to 241.02.
As investors awaited more clarity on any rescue plan for Greece, the ASE Composite Index in Athens declined 2.1% to 1899.42, led by a drop in bank stocks.
The Greek economy not only contracted 0.8%, but data from the first, second and third quarters of the year were all revised lower.
Lenders based in other countries were also weak, with Credit Agricole—owner of a Greek bank—down 2.7% and Deutsche Bank off 1.5%.
Of the major European regional markets, the German DAX lost 0.1% to 5500.39, the French CAC-40 Index lost 0.5% to 3599.07 and the U.K. FTSE 100 Index declined 0.4% to 5142.45.
The few Asian markets that were open were mostly higher as resource stocks rose in China, Japan and Australia.
Japan's Nikkei Stock Average of 225 companies closed up 1.3% at 10,092.19 as trading resumed after Thursday's holiday.
On the downside, beverages concern Kirin Holdings fell 1.4% after it released a weak fiscal-year earnings report.
In China, stocks rose for the fourth consecutive session as the Shanghai Composite Index ended up 1.1% at 3018.13, adding 2.7% for the week ahead of the long New Year holiday.
Markets in Taiwan and Vietnam also shut for the entire week. Hong Kong, Singapore and Malaysian markets will be closed Monday and Tuesday, while South Korean markets will be closed on Monday.
Commodities: Oil, gold down
Crude-oil prices fell after China raised its bank-reserve rate while a government report showed a rise in US crude stocks.
Light, sweet crude for March delivery settled down US1.15, or 1.5%, at $US74.13 a barrel in New York. Brent crude on the ICE futures exchange settled down $US1.22, or 1.7%, at $US72.90 a barrel.
Gold futures closed lower as the dollar strengthened and US stocks fell.
A stronger dollar removes the impulse for investors to buy gold as a currency hedge, while stocks and commodities have tended to move together lately.
The February contract settled down $US4.70, or 0.4%, at $1089.50 an ounce in New York. Even so, it gained 3.5% for the week, its first weekly gain in five weeks.
The most-active April contract finished down $US4.70, or 0.4%, to $US1090 ahead of the three-day Presidents Day weekend in the US and the longer New Year holidays in Asia.
Currencies: Dollar up, euro down
The dollar advanced as lingering concerns over fiscally strapped Greece and questions over the pace of the global economy recovery kept the euro and riskier currencies under pressure.
The euro rebounded somewhat from the near nine-month lows to $US1.3618 from the intraday low of $1.3532, the lowest since May 19, 2009, though it still was below the $1.3683 of late Thursday.
The dollar strengthened to ¥89.99 from ¥89.73. The euro weakened to ¥122.55 from ¥122.77.
The UK pound weakened to $US1.5670 from $US1.5697.
