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Markets finish week on down note
NEW YORK, U.S. stock indexes started in the red and never recovered Friday, wiping out gains made for the week.
The Dow Jones industrial average plunged 261.41 points, or 2.5 percent, to close at 10,097.90, finishing the week down 1 percent. The Standard & Poor's 500 fell 31.60 points, or 3.9 percent, to end the session at 1,064.88 to end the week off 1.2 percent. The Nasdaq composite lost 70.03 points, or 3.1 percent, to finish at 2,179.05 points and closed the week down 0.8 percent.
The slide negates a week that began on a strong note as second-quarter earnings reports began being released.
"For the past several months the majority of the economic reports have been positive enough to say we're still in a long-term growth trend, but within the past couple weeks the trend is becoming less positive," Randy Frederick, director of trading and derivatives at Charles Schwab, told The Wall Street Journal. "It's almost like we're flattening out."
Apple's shares, which teetered between small gains and losses, fell 0.6 percent after Chief Executive Officer Steve Jobs said the company will give away free cases to correct antenna problems in its iPhone 4.
The New York Stock Exchange listed volume was 5.3 billion shares.
The 10-year U.S. Treasury note ended the session yielding 2.92 percent.
The euro rose to $1.293 from Thursday's $1.2933. Against the yen, the dollar fell to 86.59 yen from Thursday's 87.45 yen.
In London, the FTSE 100 was off 52.44 points, closing at 5,158.85.
In Tokyo, the Nikkei closed down 277.17 at 9,408.36.
NEW YORK, U.S. stock indexes started in the red and never recovered Friday, wiping out gains made for the week.
The Dow Jones industrial average plunged 261.41 points, or 2.5 percent, to close at 10,097.90, finishing the week down 1 percent. The Standard & Poor's 500 fell 31.60 points, or 3.9 percent, to end the session at 1,064.88 to end the week off 1.2 percent. The Nasdaq composite lost 70.03 points, or 3.1 percent, to finish at 2,179.05 points and closed the week down 0.8 percent.
The slide negates a week that began on a strong note as second-quarter earnings reports began being released.
"For the past several months the majority of the economic reports have been positive enough to say we're still in a long-term growth trend, but within the past couple weeks the trend is becoming less positive," Randy Frederick, director of trading and derivatives at Charles Schwab, told The Wall Street Journal. "It's almost like we're flattening out."
Apple's shares, which teetered between small gains and losses, fell 0.6 percent after Chief Executive Officer Steve Jobs said the company will give away free cases to correct antenna problems in its iPhone 4.
The New York Stock Exchange listed volume was 5.3 billion shares.
The 10-year U.S. Treasury note ended the session yielding 2.92 percent.
The euro rose to $1.293 from Thursday's $1.2933. Against the yen, the dollar fell to 86.59 yen from Thursday's 87.45 yen.
In London, the FTSE 100 was off 52.44 points, closing at 5,158.85.
In Tokyo, the Nikkei closed down 277.17 at 9,408.36.
