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Stock indexes close week mixed
NEW YORK, (UPI) -- U.S. stock indexes finished Friday mixed as investors breathed a sigh of relief on a new financial regulation overhaul bill.
The Dow Jones industrial average closed down 8.99 points, off 0.09 percent, and ended the session at 10,143.81 points. The Nasdaq composite closed at 2,223.48 points, gaining 6.06 points, or 0.27 percent. The Standard & Poor's 500 added 3.07 points, 0.29 percent, finishing at 1,076.76.
The compromise financial legislation would impose new capital requirements on banks and would extend comprehensive regulation to the over-the-counter derivatives market and require banks to shed their riskiest swap-trading operations. Investors told The Wall Street Journal the bill had watered down some of the more restrictive provisions.
"The (lawmakers') saber-rattling came out very strong and after everything is said and done, (the bill) comes out in a more muted form," Russell Croft, co-manager of the Croft Value Fund, said. "It doesn't seem as draconian as people feared it could be. People can feel like 'OK, they got their licks in on the financial system' and hopefully we can move on now."
The market also was reacting to the federal government's revision of its first quarter gross domestic product estimate down from 3 percent to 2.7 percent.
The New York Stock Exchange listed volume was 5.15 billion shares traded.
The U.S. Treasury 10-year note closed yielding 3.1078 percent.
The euro rose to $1.2377 from Thursday's $1.2325. Against the yen, the dollar fell to 89.28 yen from Thursday's 89.49 yen.
In Japan, the Nikkei 225 index lost 1.92 percent, 190.86, to 9,737.48.
In Britain, the FTSE 100 index lost 1.05 percent, 53.76, to 5,046.47.
NEW YORK, (UPI) -- U.S. stock indexes finished Friday mixed as investors breathed a sigh of relief on a new financial regulation overhaul bill.
The Dow Jones industrial average closed down 8.99 points, off 0.09 percent, and ended the session at 10,143.81 points. The Nasdaq composite closed at 2,223.48 points, gaining 6.06 points, or 0.27 percent. The Standard & Poor's 500 added 3.07 points, 0.29 percent, finishing at 1,076.76.
The compromise financial legislation would impose new capital requirements on banks and would extend comprehensive regulation to the over-the-counter derivatives market and require banks to shed their riskiest swap-trading operations. Investors told The Wall Street Journal the bill had watered down some of the more restrictive provisions.
"The (lawmakers') saber-rattling came out very strong and after everything is said and done, (the bill) comes out in a more muted form," Russell Croft, co-manager of the Croft Value Fund, said. "It doesn't seem as draconian as people feared it could be. People can feel like 'OK, they got their licks in on the financial system' and hopefully we can move on now."
The market also was reacting to the federal government's revision of its first quarter gross domestic product estimate down from 3 percent to 2.7 percent.
The New York Stock Exchange listed volume was 5.15 billion shares traded.
The U.S. Treasury 10-year note closed yielding 3.1078 percent.
The euro rose to $1.2377 from Thursday's $1.2325. Against the yen, the dollar fell to 89.28 yen from Thursday's 89.49 yen.
In Japan, the Nikkei 225 index lost 1.92 percent, 190.86, to 9,737.48.
In Britain, the FTSE 100 index lost 1.05 percent, 53.76, to 5,046.47.
