U.S. stocks finish with weekly losses NEW YORK (Ma
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[b]U.S. stocks finish with weekly losses[/b]
NEW YORK (MarketWatch) — U.S. stocks on Friday finished with weekly losses after earnings reports did little to offset worry about the global economy.
“When you saw these solid companies reporting basically negative revenue growth, it painted a very clear picture that the global economy is growing at a very modest rate,” said Alan Skrainka, chief investment officer at Cornerstone Wealth Management in Des Peres, Mo., pointing to Dow components International Business Machines Corp. (NYSE:IBM) and McDonald‘s Corp. (NYSE:MCD) as among those setting the tone for third-quarter earnings.
“Investors are adjusting to a sluggish growth environment and focused on earnings, and it’s clear the global economy is in a slowdown,” Skrainka said.
Finishing with a weekly drop of 1.8%, the Dow Jones Industrial Average (DJI
JIA) added 3.53 points to end at 13,107.21.
“Over the last several months, investors have focused on the Federal Reserve, and the Fed going all in. Now the recognition is taking hold that quantitative easing has less and less effect at this stage of the game, and the troubles in Europe, the slowdown in China, and the year-end issues facing the U.S. provide the fuel for this correction,” said Skrainka.
Down 1.5% for the week, the S&P 500 index (SNC:SPX) fell 1.03 point to 1,411.94, with financials falling the most and telecommunications the best performer among its 10 sectors.
Down 0.6% from the week-ago finish, the Nasdaq Composite (NASDAQ:COMP) rose 1.83 point, or less than 0.1%, to 2,987.95, leaving it with its third consecutive weekly loss.
For every two stocks that rose nearly three fell on the New York Stock Exchange, where nearly 738 million shares traded. Composite volume neared 3.3 billion.
Data had the U.S. economy expanding more than forecast in the third quarter and consumer sentiment rose in October from the prior month. http://www.marketwatch.com/story/us-stocks-wa...2012-10-26
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