Two of the three major stock indices closed marginally lower on Friday following news from China that they would be tightening credit to curb inflation. Also weighing on stocks, Europe failed to meet expectations for Gross Domestic Product (GDP) in reports released today.
Basic Materials and energies were hit hardest as were financial stocks across Europe. Positive news on retail spending though, helped bolster the market in the morning and prevent losses for the day from being more dramatic.
The Dow Jones Industrial Average closed with a 45.05 point loss, down 0.44 percent, at 10,099.14. The S&P 500 Index ended 2.96 points or 0.27 percent lighter at 1,075.51. Meanwhile, the tech-laden Nasdaq Composite managed to close up 6.12 points, or 0.28 percent to 2,183.53.
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