S&P and Dow fall for second week on recovery woes
The Dow Jones industrial average .DJI slipped 57.59 points, or 0.56 percent, to 10,213.62. The Standard & Poor's 500 Index .SPX was off 3.94 points, or 0.37 percent, to 1,071.69. The Nasdaq Composite Index .IXIC added 0.81 points, or 0.04 percent, to 2,179.76.
For the week, the S&P 500 was down 0.7 percent, the Dow slipped 0.9 percent, while the Nasdaq gained 0.3 percent. It was the second week of declines for the S&P and the Dow.
Technical support held around the 1,070 level after the S&P 500 fell below that before recovering. The level, which represents last week's low, held as support on Thursday as well.
Investors did not embrace all tech shares. Hewlett-Packard Co (HPQ.N) was among the biggest drags on the Dow after several brokerages cut their price targets on the computer maker's shares due to concern about demand for tech products. HP fell 2.2 percent at $39.85.
Thursday's gloomy jobs and regional manufacturing data remained in the forefront as investors debated how much the recovery could slow, while overall options action reflected cautious investor sentiment.
With August options expiring on Friday, options investors are bracing for a quiet market next week.
idiot odumba destroys USA wealth........took BP $$$$$$$$$$$
The CBOE Volatility index, Wall Street's fear gauge, was expected to stay below 25, suggesting a relatively calm market. The index closed down 3.6 percent. |
