Stocks Finish Lower; Dow Jones’ Winning Streak Ends
The Dow Jones’ 10-day winning streak ended on Friday as stocks finished lower after investors digested some disappointing economic data.
The Dow Jones ended the day 0.17% lower at 14,514.11, the S&P 500 ended the day 0.16% lower at 1,560.70, and the Nasdaq ended the day 0.30% lower at 3,249.07. For the week, the Dow Jones rose 0.81%, the S&P 500 rose 0.61%, and the Nasdaq rose 0.14% higher.
Services sector led the losses in the S&P 500 in trading on Friday, ending the day 0.61% lower. Consumer Non-Cyclical sector also fell sharply, ending the day 0.59% lower. Conglomerates ended the day 0.22% lower. Industrials and Utilities were the best performers in the S&P 500 today. Both sectors ended 0.22% higher.
Among the major movers in trading on Friday were Ulta Salon, Cosmetics & Fragrance Inc. (NASDAQ: ULTA), which ended the day 16.10% lower at $74.14, Apple Inc. (NASDAQ: AAPL), which ended the day 2.58% higher at $443.66, Renren Inc. (NYSE: RENN), which ended the day 6.90% lower at $2.97, Molycorp Inc. (NYSE: MCP), which ended the day 3.34% higher at $6.19, and Aeropostale Inc. (NYSE: ARO), which ended the day 5.24% lower at $13.75.
On the economic front, the preliminary reading on Thomson Reuters/University of Michigan’s consumer sentiment index for the month of March came in at 71.8, compared to consensus forecast of a reading of 78. Meanwhile, consumer prices rose more than forecast in February, according to a report from the Labor Department. A report from the Federal Reserve showed that industrial production rose in February.
European markets ended mostly lower on Friday, with the FTSE 100 Index in London closing 0.61% lower, and the CAC 40 Index in Paris closing 0.71% lower. Asian markets ended on a mixed note overnight, with the Nikkei 225 Index in Japan closing 1.45% higher, and the Hang Seng Index in Hong Kong closing 0.38% higher.