In an eerie replay of Thursday's trading, stocks spent the first half of the day marching boldly higher, but found themselves barreling back toward breakeven by midday. An upbeat report on consumer confidence helped buoy the bulls in early trading, as the University of Michigan/Reuters index came in higher than expected for March. News from overseas also contributed to morning gains, as the International Monetary Fund (IMF) struck a deal with euro zone leaders to bail out floundering member country Greece. However, news from overseas also sparked the afternoon sell-off, as a South Korean Navy ship sank in the Yellow Sea following what many feared was a torpedo launch by North Korea. After the initial shockwaves wore off, U.S. stocks tentatively resumed their march higher. Despite a slim weekly victory for the bulls, the day ended on a decidedly mixed note.
By the close, the Dow Jones Industrial Average (DJIA – 10,850.36) was sitting on a gain of 9.2 points, or 0.08%. Nineteen of the 30 blue chips closed higher, with Alcoa pacing the advancing equities. On the other side of the coin, Pfizer and Microsoft set the tone for the 11 decliners. The Dow added 1% for the week, and notched its highest weekly finish since Sept. 26, 2008.
The S&P 500 Index (SPX – 1,166.59) also elbowed its way higher, tacking on 0.9 point, or 0.07%. The SPX managed a weekly close above its key 160-month moving average for the first time since September 2008. Finally, the Nasdaq Composite (COMP – 2,395.13) was unable to reclaim its perch in positive territory, settling for a drop of 2.3 points, or 0.1%. Nevertheless, the COMP managed its highest weekly close since Aug. 22, 2008. For the week, the SPX added 0.6%, while the COMP added 0.9%.
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