Stocks had a mixed day as Best Buy slashed its profit forecast, Priceline jumped on a surge in earnings and Continental Airlines climbed on merger related news.
Stocks had a quiet trading session, at least when compared to the volatility of recent weeks. Friday was the first day this year that the Dow Jones Industrial Average did not have an intraday swing of 100 points or more.
"The markets have really gotten oversold and the pessimism is really building up among individual investors," said Bruce Bit tles, chief investment strategist at RW Baird.
"I think we should be looking for a short-term relief rally. There is only so many times you can sell on the same news."
The Dow Jones Industrial Average fell 28.77 points, or 0.23%, to 12384.21. It gained 1.4% for the week, but is down 6.9% for the year. The Nasdaq lost 10.74, or 0.46%, or 2321.80. The Nasdaq gained 0.7% for the week, and lost 13% for the year. The Standard & Poor's 500 added 1.13, or 0.08%, to 1349.99. It gained 1.4% for the week, and lost 8.1% for the year.
The industrial average was in the news for other reasons this week. Dow Jones & Co., a unit of News Corp. and publisher of this newswire, announced that Bank of America and Chevron will replace Altria and Honeywell in its benchmark Dow Jones Industrial Average, effective Feb. 19. Bank of America rose 1.3% during the week, while Chevron added 5.5%.
Stocks had a quiet trading session, at least when compared to the volatility of recent weeks. Friday was the first day this year that the Dow Jones Industrial Average did not have an intraday swing of 100 points or more.
"The markets have really gotten oversold and the pessimism is really building up among individual investors," said Bruce Bit tles, chief investment strategist at RW Baird.
"I think we should be looking for a short-term relief rally. There is only so many times you can sell on the same news."
The Dow Jones Industrial Average fell 28.77 points, or 0.23%, to 12384.21. It gained 1.4% for the week, but is down 6.9% for the year. The Nasdaq lost 10.74, or 0.46%, or 2321.80. The Nasdaq gained 0.7% for the week, and lost 13% for the year. The Standard & Poor's 500 added 1.13, or 0.08%, to 1349.99. It gained 1.4% for the week, and lost 8.1% for the year.
The industrial average was in the news for other reasons this week. Dow Jones & Co., a unit of News Corp. and publisher of this newswire, announced that Bank of America and Chevron will replace Altria and Honeywell in its benchmark Dow Jones Industrial Average, effective Feb. 19. Bank of America rose 1.3% during the week, while Chevron added 5.5%.
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